Don't buy it then. Just buy something else.
I don't know why it is down, but I can tell you one thing that I do know. Earlier this month two other companies on which I hold stock lost a lot of value just before earnings. And someone went to their boards and said the same thing you say. Then, both companies proceeded to come in better than expectations and the stocks went right up.
Thank you. And to my surprise: An insider buys a large number of shares and there is no follow through at all. Wow!
Well, obviously some of what you are saying is not so. The volume in those two days is so large that the decline in price cannot be a product solely of people taking profits, not by any stretch. It might be by people willing to take a small lose. It might be by fear. As it is always the case, there are thousands of people who invest in companies without knowing all the details. I suspect that many of those investors who have gotten out is because they just saw the numbers and don't like it. But, basically, they are the ones who were not aware of what has transpiring for month. So, if one looked just at the last four quarters and didn't bother to check things out, one might sell. However, the bigger loss was already cooked into the books and many knew it. I think that the decline in the last few days is due to investors' lack of knowledge. Those really in the know are now buying from those who do not know.
AMZN is not the only one. Many tech companies spent years without making a profit yet the price went up. At some point in time that should happen here. Revenues continue to go up, and although some other metrics have faltered, in the long run, revenues will lead to profits.
The numbers blew off the map all the predictions and the future now looks more promising than it has for a long time. That doesn't necessarily mean a breakout on the upside or anything like that. But this downward spiral in stock price doesn't make any sense.