I suppose it is how you look at it. They have been posting operating profits for years now. In 2010 they made $1.15B net. They made $544M before income taxes in 2012. They've nearly doubled their sales from 2010, which is incredible. Wal-Mart is 7.5 times bigger and in a maturity stage. Amazon is still in a growth stage and they are being incredibly aggressive at it. All that said, I do think Amazon is over-valued.
