Spending vs. profits: Amazon, short-term investors at odds again

While Amazon's stock fell 4.5 percent to $781.67 in morning trading, it had risen 36 percent in the past six months alone. The trigger for the profit-taking was the company's statement on Thursday that its operating income for the holiday shopping quarter would range from nothing to $1.25 billion, due to heavy investment across its businesses. Analysts had expected operating income of $1.62 billion for the period, according to research firm Fact Set, but few of them expressed any concern about Amazon's prospects on Friday.

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