Amazon Share Price Dips as Institutional Investor Trims Stake

A recent regulatory filing revealed that Capital Investment Services of America has reduced its stake in Amazon by $800,000 as the tech giant's shares experienced a 2% decline.

The institutional shareholder sold 2,975 Amazon shares, trimming its position by 2.3% to 126,495 shares, which were worth approximately $30.1 million at the end of June.

This move comes amidst a backdrop of robust financial performance from Amazon, with the company reporting a 19.6% increase in quarterly revenue to $200.6 billion and cloud division Amazon Web Services delivering strong results with a 36.7% revenue climb to $42.2 billion.