Amazon on Thursday reported almost no profit in the latest quarter, with unexpected weakness in its big cloud computing businesses helping to slow overall sales growth to one of its lowest levels in decades.
The company reported $149.2 billion in sales in the three months ending in December, which included the vital holiday shopping season, up 9 percent from a year earlier.
A year ago, Amazon had its most profitable quarter ever, with $14.3 billion in net income. But the downshifting economy and Amazon’s own attempt to roll back expansion plans cut into its earnings this year, hacking profit back to $278 million. The reduced profit included $2.3 billion in lower valuation for its investment in the electric-truck maker Rivian.
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