{"id":1835184,"date":"2023-02-04T11:50:43","date_gmt":"2023-02-04T16:50:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1835184"},"modified":"2023-02-04T11:51:44","modified_gmt":"2023-02-04T16:51:44","slug":"amazon-posts-biggest-annual-loss-on-record-poor-fourth-quarter-sales","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/amazon-posts-biggest-annual-loss-on-record-poor-fourth-quarter-sales\/","title":{"rendered":"Amazon Posts Biggest Annual Loss on Record, Poor Fourth-Quarter Sales"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Famazon-posts-biggest-annual-loss-on-record-poor-fourth-quarter-sales%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1835184&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/Amazon-logo-1200x800-1.jpg\" class=\"ff-og-image-inserted\" alt=\"image\"   style=\"display:none\"><\/div>\n<p>The stock price for tech and retail giants <a href=\"https:\/\/www.theepochtimes.com\/t-amazon\">Amazon<\/a> After posting mixed results in the fourth quarter, the company reported its first unprofitable holiday season since 2014.<\/p>\n<p>Thursday, the Jeff Bezos-headed company <a href=\"https:\/\/press.aboutamazon.com\/2023\/2\/amazon-com-announces-fourth-quarter-results\">reported<\/a> a net income of\u00a0$278 million for the quarter, or $0.03 per diluted share, compared with $14.3 billion, or $1.39 per diluted share, in the fourth quarter of 2021.<\/p>\n<p>Net sales increased to\u00a0$149.2 billion from $137.41 billion in the year-ago quarter. According to the average analyst estimate, earnings were $0.17 per share for sales of $145.71 trillion. <a href=\"https:\/\/www.marketwatch.com\/amp\/story\/amazon-stock-falls-after-earnings-miss-shows-worst-annual-loss-on-record-least-profitable-holiday-quarter-since-2014-11675372658\">FactSet<\/a>.<\/p>\n<p>For the full year, Amazon posted a\u00a0net loss of $2.7 billion, or $0.27 per diluted share, compared with a net income of $33.4 billion, or $3.24 per diluted share in 2021.<\/p>\n<p>2014 was the last time Amazon lost profit.<\/p>\n<p>However, revenue for the full year was\u00a0$513.98 billion, up 9 percent year over year, from $469.82 billion a year ago, and far surpassing the\u00a0company\u2019s <a href=\"https:\/\/ir.aboutamazon.com\/news-release\/news-release-details\/2022\/Amazon.com-Announces-Third-Quarter-Results\/\">Guidance<\/a> issued in its\u00a0third-quarter results, which said it expected net sales to be between\u00a0$140.0\u2013148.0 billion, or to grow between 2\u20138 percent compared with fourth quarter 2021.<\/p>\n<h2>Amazon Hit by Rivian Woes<\/h2>\n<p>The losses appeared to be driven largely by Amazon\u2019s huge investment in the\u00a0electric automaker Rivian, which cost the company\u00a0$2.3 billion in net income in the quarter.<\/p>\n<p>Rivian\u2019s value has dropped more than\u00a0<a href=\"https:\/\/www.cnbc.com\/2023\/01\/04\/rivian-stock-hits-new-52-week-low-after-missing-2022-production-target.html\">80 percent<\/a> In the last year, there have been supply-chain problems and production issues. According to filings (<a href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/0001018724\/000101872421000028\/amzn-20210930.htm\">PDF<\/a>) with the\u00a0U.S. Securities and Exchange Commission (SEC).<\/p>\n<p>Another area that appeared to perform less than spectacularly last year was Amazon\u2019s international segment, which saw\u00a0sales decreased 8 percent year over year, to $34.5 billion.<\/p>\n<p>Meanwhile, AWS, Amazon\u2019s\u00a0cloud computing platform, saw an\u00a0operating income of $5.2 billion in the fourth quarter, compared with an operating income of $5.3 billion in the fourth quarter of 2021.<\/p>\n<p>The latest results are the result of Amazon&#8217;s November announcement that it would be initiating layoffs. \u201ccurrent macroeconomic environment\u201d which has impacted a string of tech giants, with Amazon CEO\u00a0Andy Jassy planning to reduce the\u00a0company\u2019s headcount by 18,000 in 2023, according to a\u00a0<a href=\"https:\/\/www.aboutamazon.com\/news\/company-news\/update-from-ceo-andy-jassy-on-role-eliminations\" target=\"_blank\" rel=\"noopener\">Statement<\/a>\u00a0Visit its website.<\/p>\n<p>Over the past 12 month, the online retailer also closed a number of physical stores, including bookstores and pop up shops.<\/p>\n<p>The company was founded on January 19. <a href=\"https:\/\/www.aboutamazon.com\/news\/company-news\/amazon-closing-amazonsmile-to-focus-its-philanthropic-giving-to-programs-with-greater-impact\">Announcement<\/a> it will be discontinuing its\u00a0charity program called AmazonSmiles in further efforts to cut costs.<\/p>\n<h2>Amazon Cites Macroeconomic Environment<\/h2>\n<p>In the midst of volatility \u201cmacroeconomic environment\u201d and fears of an impending recession on the horizon, Amazon forecasts operating income of\u00a0between $0 and $4.0 billion this quarter, compared with $3.7 billion in the first quarter of 2022.<\/p>\n<p>Net sales, meanwhile, are expected to be between\u00a0$121.0 billion and $126.0 billion, or to grow between 4 percent and 8 percent in the first quarter compared with the first quarter of 2022.<\/p>\n<p>Analysts were a>=&#8221;https:\/\/www.marketwatch.com\/amp\/story\/amazon-stock-falls-after-earnings-miss-shows-worst-annual-loss-on-record-least-profitable-holiday-quarter-since-2014-11675372658&#8243;>expecting<\/a> an operating income of\u00a0$4.04 billion\u00a0on sales of $125.09 billion,\u00a0according to research firm FactSet.<\/p>\n<p>Jassy, despite mixed results, stated in a statement the company is \u201cencouraged\u201d by the continued progress it\u2019s making with its cost-reducing efforts.<\/p>\n<p>\u201cIn the short term, we face an uncertain economy, but we remain quite optimistic about the long-term opportunities for Amazon,\u201d\u00a0Jassy spoke. \u201cThe vast majority of total market segment share in both global retail and IT still reside in physical stores and on-premises data centers; and as this equation steadily flips, we believe our leading customer experiences in these areas along with the results of our continued hard work and invention to improve every day, will lead to significant growth in the coming years.\u201d<\/p>\n<p>\u201cWhen you also factor in our investments and innovation in several other broad customer experiences (e.g., streaming entertainment, customer-first health care, broadband satellite connectivity for more communities globally), there\u2019s additional reason to feel optimistic about what the future holds,\u201d\u00a0Jassy was added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The stock price for tech and retail giants Amazon After posting mixed results in the fourth quarter, the company reported its first unprofitable holiday season since 2014. Thursday, the Jeff Bezos-headed company reported a net income of\u00a0$278 million for the quarter, or $0.03 per diluted share, compared with $14.3 billion, or $1.39 per diluted share, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1835187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[8710,4558,3888,17613,6169,9410,5330,4752,5219],"class_list":["post-1835184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-biggest","tag-amazon","tag-annual","tag-fourth-quarter","tag-loss","tag-poor","tag-posts","tag-record","tag-sales"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1835184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1835184"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1835184\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1835187"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1835184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1835184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1835184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}