AWS is wildly profitable, but Amazon as a whole isn't consistently making profits. They've been in the black lately, but that's largely just to keep up appearances. Who knows of they'll choose to carry on that way. They certainly haven't "turned on the tap" yet, though (as always) they could choose to whenever they want.
TBH I think profit is a terrible metric for them. Profit measures cash, and why does Amazon want cash? To buy back shares? To pay dividends? No. We should measure Amazon by annual growth of book value.
TBH I think profit is a terrible metric for them. Profit measures cash, and why does Amazon want cash? To buy back shares? To pay dividends? No. We should measure Amazon by annual growth of book value.