After rebounding over 20% to start 2023, Amazon (NASDAQ: AMZN) stock sold off following mixed results from its fourth-quarter earnings report. The company beat analysts' estimates on revenue, but profits came in below expectations.   

Slowing revenue growth put more focus on the bottom line, where higher spending on retail infrastructure and technology caused a whopping $18 billion operating loss last year. Does this mean Amazon is overspending in this weakened consumer spending environment?

Amazon's capital expenditures, which primarily go toward expanding its retail and cloud services businesses, more than doubled over the last three years, which erased Amazon's profits during 2020 and 2021. 

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Source Fool.com