Amazon forecasts second-quarter sales below estimates

Amazon.com Inc forecast current-quarter sales below Wall Street estimates on Thursday, amid customers hitting pause on discretionary spending in the face of economic uncertainties and stiff competition in its cloud business.

Shares of the company fell 5% in extended trading after it also reported a net loss, from its investment in Rivian Automotive.

The world's biggest online retailer projected net sales of between $116 billion and $121 billion for the second quarter. Analysts were expecting $125.48 billion, according to IBES data from Refinitiv.

Net sales was $116.4 billion in the first quarter, compared to analysts' expectations of $116.3 billion, according to IBES data from Refinitiv.

Net loss was $3.8 billion, or $7.56 per share, compared with a profit of $8.1 billion, or $15.79 per share, a year earlier.