NEW YORK (TheStreet) (AMZN) - Get Report reported weaker-than-anticipated 2016 third-quarter earnings results after the market close on Thursday. The Seattle-based e-commerce giant posted earnings of 52 cents per share, below analysts' expected 78 cents per share. Revenue came in at $32.71 billion, beating projections of $32.69 billion.

After reporting last night, Amazon stock plummeted 6.69% to $763.62.

"I think it's going to bounce back here and the reason is that all the areas that they're spending in are areas that have produced revenue growth in the past, so this fulfillment and content are no surprises," Piper Jaffray senior research analyst Gene Munster said during Friday morning's "Squawk Box" on CNBC.

Munster noted the decline of about 7% after Amazon released its earnings yesterday evening and the 5% decline in the stock during pre-market trading on Friday, but said that it would bounce back in a week or two.

"We think they are going to continue to gain share. They grew units at 28% last quarter and that was consistent with the previous quarter and so they continue to gain share. The overall market is growing at 15%," Munster explained.

"As far as the stock coming back, this basically creates easier comps for next year and so even though this is some anxiety for investors today, the reality is this is setting up for a good position for 12 months from now," Munster said.

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Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.

The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, expanding profit margins and good cash flow from operations.

The team believes its strengths outweigh the fact that the company has had generally high debt management risk by most measures that were evaluated.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: AMZN

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