AMAZON GROWS UP….Amazon.com announced yesterday that it posted a profit for the third straight quarter. Several other internet companies have also announced good results.
This is good news for the internet sector, of course, but I think the real lesson from these results is a little less good: despite the hype, it shows just how ordinary the internet industry is. After all, it took a massive initial investment, nearly a decade, and an annual sales rate of $6 billion for Amazon to become profitable. How is that different from startups in any of a dozen other sectors?
So this is good news in a way but bad in another. It’s always exhilarating to watch a child grow into adulthood and move away from home, but at the same time there’s also a twinge of regret when she joins the workaday 9-to-5 world instead of becoming the ballerina she always dreamed of.
Welcome to the real world, Amazon. You’ve finally become just another SIC code.