Amazon’s profits fell during the first quarter of 2022 in the wake of increasing costs.
It’s another sign online shopping is waning as pandemic restrictions ease.
The slipping performance reflected the loosening grip of the COVID-19 pandemic and the return of consumers to physical stores.
Amazon was also hit by the declining price of Rivian shares.
The company invested in the electric truck maker before it went public.
A year earlier the company posted $7.7 billion in operating income.
The earnings performance comes after Amazon warned in itsannual shareholder letterthat costs were cutting into its margins.
Fuel costs, which have soared since Russia invaded Ukraine, were cited as a particular culprit.
The performance was far from $15.79 earnings per share the company posted in the same quarter last year.
Revenue rose 7% from a year ago to $116.4 billion.
That edged out the $116.3 billion forecast by analysts, according to Yahoo.
The company indicated that Prime Day, its annual shopping holiday, would likelytake place in July.
Last year, Prime Day took place in late June.
