Amazon Stock Tumbles as Institutional Investor Cuts Holdings
Amazon's stock price fell by 2.06% to $254.41 after an institutional investor trimmed its holdings in the company.
The reduction was made by Capital Investment Services of America, which sold 2,975 shares, cutting its holding by 2.3% to 126,495 shares.
This move came as Amazon reported a 19.6% increase in quarterly revenue to $200.6 billion, with Amazon Web Services (AWS) revenue rising 36.7% to $42.2 billion.
The company's earnings per share of $5.75 also exceeded the analyst estimate of $1.82, providing a boost to investor confidence.