Amazon.com Inc AMZN is trading lower Friday amid overall market weakness following a weak quarterly report from Netflix Inc NFLX, which has pressured tech names.
Netflix reported quarterly revenue of $7.71 billion, which came in slightly below estimates.The streaming giant said it ended the quarter with 222 million paid memberships after adding 8.3 million in the fourth quarter.
Netflix acknowledged that increased competition may be affecting its marginal growth, but reaffirmed its confidence in the company's long-term growth strategy.
Weakness in Netflix has caused investor concern ahead of the corporate earnings season. Sectors that benefited from the COVID-19 pandemic including streaming and e-commerce have come under pressure amid uncertainty over valuations and growth potential.
See Also: Why Netflix Shares Are Diving Today
Amazon scheduled its upcoming quarterly conference call last night. The company is set to announce its fourth-quarter financial results after the market closes on Feb. 3.
AMZN Price Action: Amazon has traded as low as $2,881 and as high as $3,773 over a 52-week period.
The stock was down 4.01% at $2,911.65 at time of publication.
Photo: courtesy of Amazon.
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