Built to Last: Amazon's Core and Emergent Business Lines Make for a Long-Term Cash Flow Story
Amazon's top- and bottom-line outperformance was the clear story of its first-quarter update. However, we believe the more important takeaway for investors is that the drivers are built to last while simultaneously enhancing the sources behind our wide moat rating.Amazon's core retail profit functions--which we consider to be third-party seller services and retail subscriptions--accelerated to 44% and 60% growth, respectively. While both line items saw modest benefit from revenue recognition a...
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