Amazon’s stock price dropped more than 12% in post market trading — giving up impressive gains earlier today  — after it reported Q4 earnings that fell far short of Wall Street expectations.

The e-retailer reported $482 million in net income, up 125.2% vs the period last year, on revenues of $35.75 billion, up 21.9%. Analysts expected revenues to hit $35.93 billion. Earnings at $1.00 per share fell far short of the $1.56 in the consensus forecast.

Despite the miss, CEO Jeff Bezos was resolutely upbeat in the company’s earnings announcement: “Twenty years ago, I was driving the packages to the post office myself and hoping we might one day afford a forklift,” he says. “This year, we pass $100 billion in annual sales and serve 300 million customers. And still, measured by the dynamism we see everywhere in the marketplace and by the ever-expanding opportunities we see to invent on behalf of customers, it feels every bit like Day 1.”

Like many companies, Amazon says that the quarter’s results were hurt by weakening overseas currencies vs the strong dollar. Sales would have been $1.2 billion higher if that’s factored out.

The company projects that sales in the current quarter will come in between $26.5 billion and $29.0 billion, meaning they could up between 17% and 28% over last year’s Q1.

Media sales were up 10.9% to $3.9 billion in North America, but fell 3.4% to $3.3 billion abroad.

Amazon doesn’t break out information about its Prime Video operation. But it says that last year Prime memberships were up 51% worldwide. It notes that outside of the U.S. it had twice the number of streaming customers it had at the end of 2014.

Amazon shares have appreciated 107% over the last 12 months, including a 9% gain today before the earnings report was released.