Amazon stock falls 10% on $200 billion spending forecast, earnings miss

Amazon shares plunged more than 10% in extended trading Thursday after the company posted mixed fourth-quarter earnings and boosted its 2026 spending forecast to $200 billion.

Here’s how the company did, compared with estimates from analysts polled by LSEG:

• Earnings per share: $1.95 vs. $1.97 estimated
• Revenue: $213.39 billion vs. $211.33 billion estimated

Wall Street was also looking at other key revenue numbers:

• Amazon Web Services: $35.58 billion vs. $34.93 billion expected, according to StreetAccount
• Advertising: $21.32 billion vs. $21.16 billion expected, according to StreetAccount

Amazon said it expects capital expenditures to continue to climb higher this year as it aggressively invests in data centers and other infrastructure to meet a surge in artificial intelligence demand.

The company projected capex to hit $200 billion this year, while analysts were expecting $146.6 billion, according to FactSet. Amazon’s capital expenditures were roughly $131 billion in 2025.

“With such…