Effectively zero net income or operating income growth ($2.6b vs $2.5b; and $3.1b vs $3.0b), despite 20% sales growth. The market generally dislikes it when margins contract.

Plus, AWS growth dropped to 37% from 49%, year over year. I consider that a great number given their size is approaching that of Oracle. However, every headline likes to hang on the persistent decline in AWS growth. It's a very large part of what's propping up the enormous AMZN valuation. As goes AWS, so goes the AMZN stock.

Because earnings came in below forecast.

Why would you expect it to go up? The market was already pricing in the expected sales and clearly the number in the spreadsheets before the second quarter report was higher than the real actualized value that was released.