In the face of the highest levels of inflation in four decades, Amazon on Thursday posted its slowest quarterly growth in years.

The company reported $US116.4 billion ($164 billion) in revenue in the first three months of the year, up 7 per cent from a year earlier. That was down from 44 per cent sales growth in the first quarter of 2021. The number of products that Amazon sold in the quarter was flat from a year ago and its costs to sell those items also increased.

Amazon lost $US3.8 billion in the quarter, its first such loss since 2015. The loss included a decline of $US7.6 billion in the value of its investment in Rivian Automotive, an electric truck maker whose shares have fallen this year. The losses also stemmed from Amazon’s consumer businesses in North America and internationally, although its cloud services division continued to grow and make money.

The results fell far short of Wall Street’s expectations, causing Amazon’s share price to fall more than 10 per cent in after-hours trading.

“Our teams are squarely focused on improving productivity and cost efficiencies throughout our fulfillment network,” Andy Jassy, the company’s CEO, said in a statement. “We know how to do this and have done it before. This may take some time, particularly as we work through ongoing inflationary and supply chain pressures.”

The company’s forecasts for the current quarter of a 3 per cent to 7 per cent increase in sales indicated its growth could continue to slow.

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Amazon benefited from the coronavirus pandemic as people flocked to online shopping. But as vaccines have become widespread and as inflation in the US - its biggest market - hit 8.5 per cent in March, shoppers have become more skittish. According to US Commerce Department data released on Thursday, consumer spending on the kinds of nondurable products that people often buy on Amazon was down 2.5 per cent in the first quarter compared with the final three months of 2021.

Facing rising costs, Amazon has increased prices for customers and sellers on its marketplace. The price of its Prime membership program rose in February to $US139, from $US119, the first increase since 2018. This month, the company announced an additional “fuel and inflation” fee for sellers whose inventory it warehouses and delivers to customers.