Amazon stock plunges as growth slows

Photo: Jeff Bezos, founder and executive chairman of Amazon. Photo credit: Daniel Oberhaus via Wikimedia, CC BY 4.0 (photo unmodified). Article by Rishi Iyengar. CNN Business – April 29, 2022.

(CNN Business) — Amazon’s stock plummeted after the company reported on Thursday slowing growth and higher costs in its latest quarter and offered a disappointing revenue outlook. The tech giant said 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%. […]

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