Here’s a chart of Amazon from analyst Benedict Evans.
As you can see, for its life, Amazon’s net income has essentially been flat fluctuating between small losses and small profits.
Its revenues, on the other hand, have skyrocketed.
This is the Bezos-way. Amazon founder Jeff Bezos invests everything right back into the company. As a result, the net income is flat.
Over time, we expect he’ll want to have net income mirror the trajectory of revenue. We just don’t know how long it will be before that happens.
Business Insider/Ben EvansDisclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.