Shares of tech giant Amazon.com (NASDAQ:AMZN) were down a bit today after it announced a strong quarter after the market close last night. The highlights of the report included revenue increasing 23% year over year, while earnings came in a penny below analyst estimates. That earnings miss may be part of the reason behind the share price decline today, in addition to the company's increased operating expenses.
However, Amazon is spending money to make money, which is why the company has made several big moves recently. This includes the unveiling of the Fire TV, its new streaming device, as well as the announcement of a deal with HBO that will make Amazon the only place on the Internet to stream HBO shows. On top of all that, Amazon Prime Instant Video has increased viewership by three times over the past year.
So is now the time for investors to get in on the action? On today's Stock of the Day, Motley Fool analyst Sara Hov notes that the company is a Stock Advisor favorite and that she likes where it is heading. As CEO Jeff Bezos notes, it was a "kinetic" quarter for the company, and with all of its recent moves, the future seems bright for Amazon.
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Mark Reeth has no position in any stocks mentioned. Sara Hov owns shares of Amazon.com. The Motley Fool recommends and owns shares of Amazon.com. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.