The company Amazon founded by Jeff Bezos announced, Thursday, that Amazon ended the first quarter with a loss of $ 3.8 billion, a number that compares with a profit of $ 8.1 billion in the first three months of 2021. Since 2015, the e-commerce giant has not recorded a quarter with a negative balance.

The results, which disappointed analysts, were pressured by a $7.6 billion loss due to a decline in the value of shares in electric car maker Rivian, in which Amazon holds an approximately 18% stake. Rivian lost more than half of its market value in the first quarter.

Amazon’s revenue came to $116.44 billion, marginally higher than the $116.3 billion analysts had expected, according to Refinitiv.

But the numbers that penalized Amazon shares, which fell 9% in After Hours, were the company’s “guidance” for the second quarter. The company estimates revenue between $116K and $121 billion, well below the $125.5 billion analysts had expected. High inflation in its key markets will affect sales this quarter.

Advertising revenue was $7.88 billion, up 25% year-over-year, while Amazon Web Services was almost the only bright spot in the quarterly accounts, bringing in $18.44 billion, up 36.5% from the previous year and above the $18.27 billion expected by the market.

“The pandemic and war in Ukraine have brought extraordinary growth (in the first case) and challenges,” Andy Gacy, CEO of Amazon, who succeeded Jeff Bezos at the helm of the tech giant, said in a statement.