Amazon Stock May Be Up, but the Company Still Doesn’t Make Any Money

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.

And yet.

The company, first founded in 1994, still doesn’t make any money. In the third quarter, it reported a $41 million net loss.