Amazon ($AMZN) stock declined more than 8% on Friday despite the e-commerce and cloud computing giant’s better-than-expected revenue and earnings

Amazon’s (AMZN) second-quarter results last night exceeded expectations, showcasing the strength and resilience of its core businesses. Yet, the market responded with a sharp selloff, sending AMZN shares down more than 6% in early trading today.

Historically, AMZN stock has reacted negatively on the day following its earnings report in 63% of instances over the past five years.