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JOE BIDEN CRONY JEFF 'BEZOSHEAD' BEZOS APPLIES FOR FOOD STAMPS. MAY HAVE TO SELL A FEW DOZEN OF HIS MANSIONS! - Bezos Bummer: Amazon Reports Almost $4 Billion Loss, Stock Nosedives

BLOG LAUGH OF THE DAY: THEY CAN NEVER STOP LYING TO US!

Pelosi on Monday: ‘America Has Seen the Fastest Economic Growth in Almost 40 Years;’ GDP on Thursday: -1.4% (SEE BOTTOM)

Bezos Bummer: Amazon Reports Almost $4 Billion Loss, Stock Nosedives

Joe Raedle /Getty

LUCAS NOLAN

29 Apr 20220

2:42

E-commerce giant Amazon has suffered a significant drop in share value following a recently reported loss in the first quarter of 2022 of $3.8 billion. As of Friday afternoon, Amazon shares are down more than 15 percent in intraday trading.

CNBC reports that shares of Amazon dropped by as much as 15 percent on Friday following a poor revenue outlook and major losses reported in the first quarter of 2022. The company projects revenue between $116 billion and $121 billion in the second quarter, lagging behind the $125.5 billion average analyst estimate. The second-quarter revenue growth forecast predicts a dip to a range of three to seven percent from a year earlier, another slowdown compared to a year earlier when revenue increased by seven percent.

(Photo by KENA BETANCUR/AFP via Getty Images)

Amazon lost $3.8 billion in the first quarter compared to a profit of $8.1 billion at this time last year. Amazon’s investment in the electric SUV firm Rivian reportedly weighed heavily on its profits. William Blair analysts, who have an outperform rating on Amazon shares, said in a note to clients on Thursday:

While sales were short of expectations by a mere $6 million, the bigger headline was the company’s first quarterly loss since 2015, at a loss per share of $7.56, or nearly $16.00 shy of the Street’s earnings per share expectations

Under the hood, the company reported an $8 billion pretax loss related to its investment in Rivian Automotive. Recall the company reported a $12 billion benefit in the prior quarter related to the investment. We estimate the company’s earnings per share excluding the investment-related loss would be roughly $3.40, still 60% below consensus as the company continues to face headwinds related to shipping, labor, excess capacity, and tough prior-year comparisons.

Truist Securities analyst Youssef Squali remains positive on the future of the company, however, stating: “We should start seeing material improvement to labor and fixed cost efficiency in 2H22, starting with Prime Day in July and then in the seasonally strong 4Q22.”

Read more at CNBC here.

Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan or contact via secure email at the address lucasnolan@protonmail.com

Stocks Plunge as Nasdaq Closes Worst Month Since 2008, Dow Drops 939 Points

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Johannes Eisele/AFP/Getty Images

JOHN CARNEY

29 Apr 20220

2:10

April was a painful month for investors in the U.S. stock market, climaxing with a brutal sell-off in the final hour of trading Friday.

The Nasdaq composite fell by nearly 4.2 percent on Friday, falling by 536 points. More than 100 points of that decline came in the final half hour of trading. For the month, the tech-heavy index is down by more than 13 percent, the worst monthly performance since October 2008.

The Dow Jones Industrial Average fell 939 points, a 2.8 percent decline, on Friday, bringing its full month decline to 4.9 percent.  Two hundred and 12 points of that decline came in the final half-hour.

The S&P 500 dropped by 3.6 percent and has now been down for four straight weeks. Its total decline for the month amounts to 8.8 percent.

Tech stocks, which were some of the biggest winners in recent years, have seen the worst of the recent declines.

Collectively, the so-called FAANG stocks—Facebook, Apple, Amazon.com, Netflix, and Google—have shed more than $1 trillion in market value in April. Shares of Facebook are down 12 percent. Apple shares have fallen 11.2 percent. Netflix shares crashed a jaw-dropping 50 percent. Google shares nosedived 19.6 percent.

Investors have been rattled by the Federal Reserves’ plans to hike interest rates rapidly in the coming months and by forecasts that these hikes could push the economy into a recession next year. Inflation has proved much stronger than many expected, which means the Fed will likely have to make financial conditions very tight to bring it under control.  A surge of infections in China has triggered lockdowns of entire cities, giving rise to worries of renewed supply chain disruptions, and ongoing war in Ukraine has fostered fear over shortages of food, metals, and energy commodities.

Massive Food Inflation: Farm Prices Up 31% as Eggs, Meat, Vegetables, Chickens, Dairy, Corn, and Wheat Soar

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Photo by MANDEL NGAN/AFP via Getty Images

JOHN CARNEY

29 Apr 20220

3:21

The prices of U.S. farm products continued to rise in March, reflecting the inflationary pressures gripping the U.S. economy and fears that the war in Ukraine and sanctions and Russia could lead to food shortages around the globe.

The Department of Agriculture said Friday that its index of prices received by U.S. farmers increased 6.3 percent from February and 31 percent from March 2021. The index tracks prices paid by initial buyers from U.S. farms, the first step of the food production chain in the U.S.

The index that tracks the costs farmers pay for commodities, services, taxes, interest and wages rose 1.4 percent from February and 13 percent from March 2021.

Crop prices were up 5.6 percent from last month and 23 percent from the previous year. Livestock prices increased 6.7 percent from February and were up 39 percent compared with a year ago.

Grain and oilseed: Up 5.5 percent from February and 28 percent from March 2021.

Feed grain: Up 7.4 percent from last month and 33 percent from a year ago. The corn price, at $6.56 per bushel, is up
46 cents from last month and $1.67 from March 2021.

Food grain: Up 6.1 percent from the previous month and 44 percent from a year ago. The March price for all wheat,
at $9.94 per bushel, is 77 cents higher than February and $4.08 higher than March 2021. The March price for rice, at $15.60 per cwt, is unchanged from February but $1.20 higher than March 2021.

Oilseed: Up 3.8 percent from February and 18 percent from March 2021. The soybean price, at $15.40 per bushel, is 60 cents higher than February and $2.20 higher than March a year earlier.

Vegetable and melon: Up 34 percent from the previous month and 68 percent from March 2021. Price increases during March for lettuce, onions, cauliflower, and celery more than offset price declines for broccoli, tomatoes, carrots, and sweet corn.

Other crop: Up 0.9 percent from the previous month and 23 percent from March 2021.

Meat: Up 2.9 percent from the previous month and 20 percent from a year earlier.

Dairy:  Up 4.9 percent from the previous month and 50 percent from March a year ago.

Poultry and egg: Up 16 percent from February and 76 percent from March 2021.

Fruit and tree nut: Down 5.9 percent from February but up 3.6 percent from a year earlier. Price decreases during March for strawberries, grapefruit, and pears more than offset price increases for lemons, oranges, and apples.

Job Creators Network: Biden White House ‘Living in a Fantasy Land’ If It Believes Small Businesses Are ‘Booming’

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Anna Moneymaker/Getty Images

JEROME HUDSON

29 Apr 20220

2:15

“If the Biden Administration thinks that small businesses are ‘booming’ they are truly living in a fantasy land,” said Alfredo Ortiz, President and CEO of the Job Creators Network, in a statement in response to the White House’s latest report touting a supposed “small business boom.”

“In their fairy tale, they blame anything and anyone for their current economic failure. I wouldn’t be surprised if they don’t start blaming Republican leprechauns for gold inflation, the Easter Bunny for price gouging consumers for the cost of chocolate eggs, and Santa’s Elves for supply chain issues caused by poor management of reindeer routes,” Ortiz said.

“But Americans can all breathe a sigh of relief because it’s rumored Biden will be holding talks at the White House next week with these three dastardly captains of industry, moderated by Jack O’Lantern. We talk to our small business members constantly and in the real world no one feels like they are experiencing a boom.”

Biden’s meeting with small business owners at the White House on Monday coincided with horrific first quarter Gross Domestic Product figures that showed the U.S. economy contracted by 1.4 percent.

Watch below: 

The White House issued a report that said that 5.4 million new businesses and 1.9 million jobs were created over the first three quarters of 2021. it also outlines new actions to make starting small businesses simpler and help Americans keep them going.

Thursday’s report is an effort to communicate economic success to the American public as a growing share of voter given Biden a failing grade on his handling of economic issues.

A survey by CNBC recently said that 47% of respondents said the U.S. economy was in “poor” shape, the highest share since 2012. Just 17% said the economy is in “excellent” or “good” shape.

UPI contributed to this article. 

Jerome Hudson is Breitbart News Entertainment Editor and author of the book 50 Things They Don’t Want You to Know About Trump. Order your copy today. Follow Jerome Hudson on Twitter, instagram, and Parlor @jeromeehudson

Real Personal Income Fell in March as Bidenflation Soared

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JIM WATSON/AFP via Getty Images

JOHN CARNEY

29 Apr 20220

1:13

Disposable income fell in March after adjusting for inflation, the Commerce Department said Friday.

Real disposable personal income, which is income after taxes and inflation, fell 0.4 percent in March compared with February. This was the seventh time in the last eight months that disposable personal income in the U.S. fell from the previous month. It rose in February by 0.15 percent.

In nominal terms, disposable personal income rose 0.5 percent but consumer prices rose 0.9 percent, swamping the income gain.

Consumer spending rose 1.1 percent before adjusting for inflation. After inflation, however, expenditures were up just 0.2 percent.

On a year-over-year basis, income plunged 19.9 percent from the stimulus check inflated figure for March 2022. A year ago, income jumped 22.2 percent thanks to the Biden administration’s fiscal expansion. That excess income helped set off the explosion of inflation that currently grips the U.S. economy.

Report: Netflix Employees Fear More Cuts, Layoffs, ‘It’s Definitely Not the End of It’

Hector Vivas/Latin Content/Getty Images

DAVID NG

29 Apr 20220

2:19

The worst may be yet to come for Netflix as employees brace themselves for more cuts and layoffs as executives seek to rein in costs following the streamer’s disastrous first quarter and expectation of even rougher waters ahead.

Sources inside the company expect layoffs at Netflix to continue as the company outsources more positions — especially those overseas — to third parties to save money, according to the Hollywood Reporter.

“We thought that was the end of it [layoffs], and now I’m being told, ‘No, it’s definitely not the end of it,’” a Netflix source told the trade publication.

Three individuals in different divisions at Netflix told the Reporter that there has been a noticeable slowdown in recent hiring.

“I’ve been told the budget for personnel on my team has to remain flat,” one anonymous Netflix insider said. “I don’t know if [top management] actually uses the word ‘hiring freeze.’ I mean, we use it, and we know it’s true. I know other managers have been told the same.”

On Thursday, Netflix laid off staffers at its in-house fan site Tudum. The streamer also recently cleared out a swath of its animation department.

Netflix reported last week that it lost 200,000 subscribers during the first quarter and expects to lose a staggering 2 million more in the months ahead.

Employees are also unhappy about the company’s stock price, which has plummeted more than 40 percent since last week and is down more than 60 percent for the year. Netflix reportedly allows employees to choose their compensation allocation mix between base pay and stock options.

“Everyone is definitely sweating over the options they took when the stock was at its peak,” another company source said.

Overall, Netflix employees feel the company is facing an existential crisis.

“The bloom has been off the rose for a while,” a Netflix executive, who requested anonymity, told the Reporter. “Internally, the feeling that it’s the place to work has been fading long before this. You’re just seeing it now.”

Pelosi on Monday: ‘America Has Seen the Fastest Economic Growth in Almost 40 Years;’ GDP on Thursday: -1.4%

By CNSNews.com Staff | April 28, 2022 | 4:30pm EDT

 

 

 

 

(Photo by Win McNamee/Getty Images)

(CNSNews.com) - House Speaker Nancy Pelosi (D.-Calif.) sent out a tweet on Monday boasting about what she perceived to be the tremendous performance of the American economy.

Three days later, the Bureau of Economic Analysis reported that the nation’s Gross Domestic Product had declined at an annual rate of 1.4 percent in the first quarter of this year.

“America has seen the fastest economic growth in almost 40 years, with GDP growing last year by 5.7%,” said Pelosi in her tweet.

“@HouseDemocrats  are working to continue this growth, lower costs for families and meet Americans’ kitchen table needs,” Pelosi said.

On Thursday, the BEA put out its advance estimate of the economy’s performance in the first quarter of 2022.

“Real gross domestic product (GDP) decreased at an annual rate of 1.4 percent in the first quarter of 2022, according to BEA.

“The decrease in real GDP,” said BEA, “reflected decrease in private inventory investment, exports, federal government spending, and state and local government spending, while imports, which are a subtraction in the calculation of GDP, increased.”