The company reported a loss of 95 cents a share versus Wall Street estimates of a 74-cent loss. Shares of Amazon, which had closed slightly up at $313.18, traded as much as 13 percent lower in the aftermarket.
Private Advisor Group's Guy Adami said that Amazon shares below $285 could be a "buy" signal.
"I think this is your opportunity," he said, even as he noted, "Margins were awful. Everything bad, bad, bad."