SEATTLE – Amazon saw its results for the holiday quarter as a present wrapped in a bow. But analysts and investors saw something more like a lump of coal.

The e-commerce giant said on Thursday that its fourth-quarter net income more than doubled, as shoppers continued migrating online for holiday shopping, the company’s cloud-computing business boomed and its $99-a-year Prime membership program expanded further.

Still, investors were expecting a tighter hold on costs and even higher net income, which sharply missed expectations. Investors sent shares – which have doubled over the past year – down more than 10 percent in aftermarket trading.

Amazon’s strategy has long been to invest most of the money it makes back into its businesses, particularly by expanding offerings in its Prime loyalty program and its cloud-computing business, called Amazon Web Services. After operating at or near a loss for years, it has finally also demonstrated the ability to turn a consistent profit.

Yet it wasn’t able to match investor expectations in the fourth quarter. The Seattle company’s net income more than doubled to $482 million, or $1 per share, from $214 million, or 45 cents per share last year.