Amazon posts $2,028 million loss in second quarter

Amazon posted a $2,028 million loss in the second quarter of the year, following a $3.9 billion loss on an investment in electric car maker Rivian.

Between April and June, the 'online' retail giant had revenues of $121,234 million, up 7% year-on-year.

"While inflation increases fuel, energy and transportation costs, we are making progress on more controllable costs ..., including improving the productivity of our sorting and logistics center network," company president Andy Jassy said in a statement.

Its cloud product, AWS, generated revenues of $19,739 million, in a result that exceeded analysts' expectations.

For the current quarter, Amazon expects net income of between zero and $3.5 billion - up from $4.9 billion in the same period last year - and revenue up between 13% and 17%.

The company, based in Seattle, Washington, is, like other tech giants, suffering from declining consumer spending and rising costs.

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