Market analysts maintained a predominantly optimistic outlook on Amazon, despite a majority reducing their price targets, following the technology giant’s share decline on Friday, which was attributed to lower first-quarter profit guidance and increased capital expenditure plans.

Amazon also fell short of its fourth-quarter earnings projections. The e-commerce giant reported earnings of $1.95 per share, falling short of the $1.97 projected by analysts. Conversely, its revenue of $213.39 billion surpassed the anticipated figure of $211.33 billion. However, Amazon’s shares experienced a decline of 8% on Friday morning, partly as a result of investors considering a reduced margin guidance for the first quarter.

“The 1Q sales guide for $173.5 billion to $178.5 billion bracketed Street at $176 billion and suggests 13% growth at the midpoint (a 1ppt deceleration vs 4Q), while the profit outlook at $16.5 billion to $21.5 billion was below Street at $22.2 billion, with investments in international retail pricing, lower FBA fees, and a $1 billion year-over-year increase in project Leo costs pressuring margins,” wrote Justin Post.