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The Ratings Game: Get ready for the less-profitable Amazon that you used to know

Analysts were hardly throwing in the towel after Amazon.com Inc. delivered a nasty drop in profits, but at least one suggested investors may need to get used to the idea that the company is going back to its old ways.

Amazon AMZN, -2.48% shares fell 3.6% in premarket trading on Friday, after it reported late Thursday that earnings plummeted 77% in the second quarter on higher-than-expected spending. Its profit forecast was also well below Wall Street expectations.

Read:Amazon’s free-spending ways hit earnings, but don’t expect a shift to thrift

“Amazon seems to have entered another investment cycle, similar to the 2H14-1H15 period,” said Edward Yruma and a team of analysts at KeyBanc Capital Markets.

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