Amazon share prices fell 11% Friday after the massive online retailer posted its first quarterly loss in seven years.

Amazon lost $3.84 billion during the first quarter of this year after recording a profit of $8.11 billion in the same period last year.

Revenue growth for the quarter was the slowest ever for the company, rising 7.3%.

The company blamed investments in warehouses and more staff for the slowdown. It also said there is uncertainty about consumer spending caused by inflation, supply chain problems and the war in Ukraine.

“With inflation hitting household budgets around the world, spontaneous Amazon purchases are likely to be reined in,” Sophie Lund-Yates, analyst at Britain-based financial services company Hargreaves Lansdown, said.

Another big hit to Amazon’s bottom line came from its stake in electric vehicle maker Rivian, shares of which are down 70% this year.

Amazon Web Services remained a strong point for the company as revenue for the cloud computing service jumped 36.6%.

The value of Amazon stock has dropped 23.2% this year.
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