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Shares of the e-commerce giant are down by 24% since Jan. 1, even as the broader market is up slightly and pushes up against all-time highs.

Some investors may see this is  as a buying opportunity.  Amazon AMZN +0.95%  is up 350% or so since the March 2009 low. And from fiscal 2010 to fiscal 2013, Amazon has doubled it’s revenue.

Amazon earnings is disappointing and the reason for the downgrades wasn’t revenue. Amazon sales rose according to it’s  latest earnings report. However, profit was an anemic $108 million and barely hitting the mark, despite a massive $19.7 billion in revenue. Worse, earnings guidance disappointed the Street — just as it did in January . Investors have been patiently waiting for profits and it seems they’ll have to keep waiting for some time.

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