Amazon stock plunges as company reports nearly $4 billion loss

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"Amazon.com, Inc. reported a significant loss in the first 3 months of the year, sending the company's stock plunging."

"The tech giant on Thursday said it had a net loss of $3.8 billion in the quarter ended March 31"

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"A sharp drop in income from the same period last year, when it made an $8.1 billion profit."

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"Amazon shares sank around 10% in after-hours trading following the results."

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"The pandemic and subsequent war in Ukraine have brought unusual growth and challenges," Amazon CEO Andy Jassy said in a statement.

"Amazon's overall revenue grew 7% from the same period last year to $116.4 billion, slightly beating analyst forecasts but slower than the 9% growth in the final months of last year."

"The company forecast that revenue growth would slow further next quarter, anticipating a growth rate of between 3% and 7%."

"The company also announced that Prime Day, its annual sales bonanza, will take place this July in more than 20 countries."

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