Amazon shares fell more than 7% on Friday in European trading after the company posted second-quarter results that exceeded analysts’ revenue expectations but disappointed investors with slower growth in its cloud division, Amazon Web Services (AWS), and a cautious profit outlook.

The drop followed a similar 7% decline in after-hours trading on Thursday, despite Amazon stock closing the regular session up 1.7% at $234.11.

In the second quarter, Amazon’s revenue rose 13% year-over-year to $167.7 billion, surpassing the average analyst estimate of around $162 billion. Net income increased by more than one-third to $18.2 billion, reflecting strong operational performance across its core business lines.

Still, investors reacted negatively to the company’s forecast for the current quarter.

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