This is instructive. Google's stock might not have tanked as hard the other week if LP had come out and placated the street with some jargon like this, re: Google's also ballooning expenses.
Bezos explicitly said it in this letter - he expects all of this stuff to make the company gobs of money in the future. For a lot of the stuff Google spends money on, I don't think investors are necessarily very confident that it will have the same impact on future profits.