Amazon shares are down more than 8% in premarket trading after the company issued a revenue forecast that trailed analysts’ estimates. In the latest quarter, the company recorded a $7.6 billion loss on its investment in Rivian Automotive. Revenue at Amazon increased 7% during the first quarter, compared with 44% expansion in the year-ago period. It marks the slowest rate for any quarter since the dot-com bust in 2001.
Shippers are sounding the alarm over major declines in rail service, pushing regulators to intervene as long delays and labor constraints threaten to shutter some operations. Agriculture officials say when railroads raise rates and provide poor service, farmers struggle, and consumers end up paying higher prices at the grocery store.
