Sign Up For Our
Front Page Podcast
Question of the Day
From shutdowns to layoffs, it’s been a tough week for streaming services. How many different services does your family subscribe to?
By Peter Santo
The Washington Times
Saturday, April 30, 2022
Amazon founder Jeff Bezos has lost over $20 billion after the tech giant saw its first quarterly loss since the Obama presidency.
Amazon operated at a net loss of $3.8 billion this quarter, compared to a net profit of $8.1 billion at the same time last year, Amazon announced Thursday.
The last time Amazon reported a quarterly loss was in 2015.
Amazon shares plummeted 14% Friday after the company announced the results. This quarter marked Amazon’s lowest sales growth since 2001, according to financial documents, with net sales increasing by just 7%.
Net sales increased by 9% in the first quarter of 2021, Amazon said.
Next quarter, the company expects net sales to grow between 3% and 7% compared to the second quarter of 2021.
Mr. Bezos, 58, has seen his net worth fall to $148.4 billion after reaching $210 billion earlier this year. The world’s second-richest man has lost $44 billion in 2022, according to Bloomberg.
Mr. Bezos isn’t the only tech mogul with a lighter wallet — the 500 wealthiest people in the world lost over $54 billion Friday, Bloomberg reported.
Click to Read More and View Comments
Click to Hide