Malpuru-Kodali is saying Bezos wants to build a giant, dominant company of the future, not a highly profitable one. I think he's doing that. At some point, when a second generation of management comes in, they'll be able to figure out how to make it profitable, given the foundation that Bezos & Co. have built. "Amazon's earnings are about zero and will be into the foreseeable future," she says. Yes, and it sales keep growing and even its infrastructure, the AWS cloud, is proving to be profitable. I think Amazon wastes a lot of money trying to become a major player in tablets and cell phones. But that's the price of this expansionist outlook. And many investors have decided they want a piece of a dominant company of the future, profits or no profits.