Amazon’s first-quarter revenue rose 7.3 percent year-over-year to $116.44 billion. Operating income, however, decreased to $3.7 billion and net loss was $3.8 billion. On a diluted basis, this resulted in a loss per share of $7.56. According to Amazon, this was mainly due to a $7.6 billion loss from the online retail giant’s investment in Rivian. Shares of the electric vehicle maker lost more than half their market value last quarter. Amazon Web Services revenue rose 37 percent year-over-year to $18.44 billion. The cloud computing division is a key revenue and profit driver for Amazon. The company expects Q2 net revenue to be between $116 billion and $121 billion, well below forecasts.

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