That glowing new bestseller, that Friday stock bump, that rosy Christmas outlook—they can’t hide that after 20 years, the company still hasn’t managed to turn a profit. Daniel Gross on whether it ever will.
Amazon.com and Jeff Bezos, its founder and chief executive officer, are having a moment. They are the subject of a new, admiring bestselling book, The Everything Store, by Brad Stone. Bezos just plunked down $250 million to buyThe Washington Post. The buoyant stock, up 64 percent in the past year, got a nice jolt on Friday as investors were enthused about its third-quarter results: revenues were up 24 percent from a year ago, and Amazon issued a positive forecast for the Christmas season. The company is killing it in books and retailing goods, has a rapidly growing cloud storage and computing business, and is getting into original content and devices. It sports an impressive market capitalization of about $166 billion.
The company, first founded in 1994, still doesn’t make any money. In the third quarter, it reported a $41 million net loss.