Amazon shares slide as higher spending overshadows revenue beat

(Reuters) - Amazon.com Inc's shares dropped more than 9 percent in early trading, after analysts raised concerns about the high level of spending on technology, content and new warehouses. At least 13 analysts cut their price targets on the stock after the company reported the increase in spending that overshadowed better-than-expected quarterly revenue. Amazon's cloud computing service is likely to face increasing price competition, the analysts said. Amazon is spending on a range of projects, including developing its own original shows and video games.

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