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AP National

Amazon beats Q4 revenue estimates, but profits slump

KIFI
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Published 2:33 PM

By HALELUYA HADERO
AP Business Writer

NEW York (AP) — Amazon reported worse-than-expected profits, but its revenue beat expectations boosted by sales in its cloud-computing unit AWS. Amazon said it made $300 million in profits, or 3 cents per share, well below the $2.03 billion analysts surveyed by FactSet had been expecting. The company said its profits were dented by a $2.3 billion write-down of the value of its stock investment in electric vehicle start-up Rivian Automotive. Shares in Amazon.com Inc. fell 7% in after-hours trading. The earnings report closes a rough 2022 for Amazon. The company lost nearly half of its value last year amid a broader sell-off of tech shares tied to rising inflation, interest rates and concerns about the wider economy.

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