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Despite a jump in sales, investors aren’t happy with Amazon’s latest earnings report.

Amazon grew revenues 22 percent in the holiday quarter to $43.7 billion, up from $35.75 billion in Q4 2015. Analysts, however expected more from the company — around $44.68 billion. The company’s stock is down now by about 4 percent after hours.

Amazon’s cloud business, AWS, grew revenues by a whopping 47 percent last quarter. But as my colleague Jordan Novet points out, Amazon’s cloud business isn’t growing as fast as it used to.

As for profit, Amazon’s net income hit $749 million last quarter, well above the prior year’s Q4 profits of $482 million. The company reported $1.54 earnings per share in Q4 2016, above analysts’ expectations by about $0.19 per share.

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