Amazon Touts Close Of MGM Deal; Stock Dips On $3.8 Billion Q1 Loss, Soft Q2 Forecast
deadline.comAmazon saw revenue nose up 7% to $116 billion but swung to a net loss of $3.8 billion in the first quarter of 2022 from a profit of $8.1 million the year before.
Its Q2 outlook disappointed the Street and investors dinged the stock, which is off 7% in after-hours trading.“The pandemic and subsequent war in Ukraine have brought unusual growth and challenges,” said CEO Andy Jassy, Amazon, noting ongoing inflationary and supply chain pressures.
But the grab bag of commentary in its earnings release included a pretty long section devoted to entertainment, starting with the close of its $8.45 billion purchase of MGM. “MGM employees joined Prime Video and Amazon Studios.
The storied, nearly century-old studio has more than 4,000 film titles, 17,000 TV episodes, 180 Academy Awards, and 100 Emmy Awards.
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