That doesn't come close to telling the whole story either though. Namely two things: 1. All of Amazon's profit last quarter, and then some, came from AWS. Decl

That doesn't come close to telling the whole story either though. Namely two things: 1. All of Amazon's profit last quarter, and then some, came from AWS. Declining revenue growth in that segment could have an outsized effect on earnings/losses. 2. Amazon's PE ratio is still an eye watering 90+ much of which is predicated on continued (perhaps even accelerating) growth. Unless they pull a rabbit out of their hat with new sources of income or cost improvements, the market cap of the company is going to continue to depend a decent amount on growth within AWS or that PE is going to look more and more detached from reality.