What's the meaning of "muted expectations"?

The trend reasserts itself as people return to shops. In the past quarter Amazon’s own online sales grew by only 16%, short of investors’ (muted) expectations.

Question

What's the meaning of "muted expectations"?

The trend reasserts itself as people return to shops. In the past quarter Amazon’s own online sales grew by only 16%, short of investors’ (muted) expectations.

Answer

A muted expoectation is one that is lower, toned down, from something else.
For example during covid the expectation of many things is lower than previously estimated.
For example, shops expect to make less money.