Amazon (AMZN) takes $3.9 billion writedown in Q2 2022 on Rivian (RIVN) investment
Amazon's (AMZN) investment in Rivian (RIVN) caused woes for the stock this quarter.
Amazon’s (AMZN) Q2 2022 earnings report landed earlier today and showed that the company beat on revenue and EPS expectations. However, there was a bit more to the story than just those two stats. The company recorded a net loss of $2 billion in the second quarter, and that can be primarily attributed to its investment in Rivian (RIVN). Amazon (AMZN) lost $3.9 billion on its Rivian (RIVN) investment, as the electric vehicle company’s stock plummeted over the quarter.
It’s on the first page of Amazon’s (AMZN) Q2 2022 earnings report that we get further insight on its business. Under the final bullet point, the company states that it recorded a net loss of $2 billion, with $3.9 billion of those losses coming from its Rivian (RIVN) investment. Some quick basic math tells us that Amazon wouldn’t have been looking at a net loss at all if it weren’t for the abysmal quarter for Rivian (RIVN) stock.
Amazon further discussed its business with Rivian and its electric vehicle plans later on in the earnings report.
This of course comes from Amazon’s (AMZN) Q2 2022 earnings report, which showed a revenue and EPS beat for the company. For more on the latest business happenings at Amazon, stick with Shacknews.
Donovan Erskine posted a new article, Amazon (AMZN) takes $3.9 billion writedown in Q2 2022 on Rivian (RIVN) investment