I can't make up my mind and answer this question - even more so after the latest earnings: All revenue with little to no net profits. This chart from April 2013 already made the point better than a thousand words:
(Source: g.foolcdn.com/editorial/images/33816/amz... )
It's easy to see: Apple made more money in a recent single quarter than Amazon over its lifetime a as public company.
Yet Apple only enjoys a little over double the market cap of Amazon (400bn USD vs 150bn USD).
And Amazon stock keeps ticking up. It's at all time-highs today at well over 300 USD. All this based on "cementing market dominance", "investing for the future", "cloud leadership", "establishing a leadership position in global e-commerce" and other terms analysts make up because they can't rationalize AMZN's valuation fundamentally at these levels.
As one SA commenter jokingly commented today:
Be happy $AMZN didn't declare bankruptcy. It would be over 500.
I wouldn't touch this stock - rational people would probably like to short it on a fundamental/valuation basis, yet momentum buyers will probably keep buying it: AMZN stock has been going up with little to no breaks since November 2008 when it was trading under 40 USD.
This is a no-win scenario for long-term investors in 2013. I would stay away from this stock for now and neither take a long nor short position.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.