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Amazon reports $4B loss

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Amazon huge loss in first three month of the year

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The tech giant said it had a net loss of $3.8 billion in the quater 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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It was also a big miss from the $4.4 billion profit that analysts surveyed 

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The loss largely to a $7.6 billion loss from its investment in electric automaker Rivian Automotive

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 Rivian, into which Amazon led a $700 million investment in 2019

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has seen its stock plummet more than 75% 

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