Amazon beats Q4 revenue estimates, but profits slump


Amazon is reporting fourth quarter results that were disappointing on the profit side, but saw an increase in revenue. Amazon says it made $300 million in profits or three cents a share, well below the $2 billion analysts were expecting. The retail giants as profits were dented by its stock investment in an electric vehicle startup. But overall revenue rose 9% to $149 billion. That's above Wall Street expectations. Revenues were boosted by Amazon's AWS cloud computing unit, although it seeing a slowdown as well. Consumers are veering away from pandemic fueled online shopping and working from home, and the company is now trying to right size its business. For the year, Amazon posted a loss of $2.7 billion.

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