The world’s largest online retailer Amazon.com Inc (NASDAQ:AMZN). reported its lowest fourth-quarter net income since 2014, leading to a record annual loss.

According to a press release, net income in the October-December period collapsed to $278 million, or 3 cents per share, compared to a record $14.32 billion, or $1.39 per share, in the same period a year earlier.

The drop in earnings was due to a decline in the stock price of automotive startup Rivian (NASDAQ:RIVN), in which Amazon invested. In addition, the company reported a large amount of expenses related to recently announced layoffs.

Meanwhile, revenue rose 9% to $149.2 billion from $137.41 billion a year earlier.

Analysts surveyed by FactSet on average estimated the company’s earnings at 17 cents per share on revenue of $145.71 billion.

Operating profit of Amazon Web Services (AWS) cloud service in the past quarter decreased to $5.2 billion from $5.3 billion, revenue increased by 20% to $21.38 billion. Experts on average predicted the division’s profit in the neighborhood of $5.73 billion, revenue – $21.85 billion.

Sales in North America in the last quarter increased to $93.36 billion from $82.36 billion a year earlier, abroad – decreased to $34.46 billion against $37.27 billion in October-December 2021.

For the full year 2022, Amazon recorded a net loss of $2.7 billion, compared with net income of $33.36 billion a year earlier.

The company posted an annual loss for the first time since 2014, while it hasn’t lost more than $1.4 billion in a year since going public in 1997, according to FactSet data.

Revenue for the year rose 9% to $513.98 billion from $469.82 billion a year earlier.

For the first quarter of 2023, Amazon expects operating profit in the range of zero to $4 billion, up from $3.7 billion in the same quarter a year earlier, with revenue expected to increase 4-8% to $121-126 billion.

Amazon’s stock price in additional trading on Thursday fell by 5.1% after the publication of the statements. Since the beginning of this year, the company’s capitalization has increased by 34.4% (to $1.07 trillion).