That would make sense, except Amazon stock's PE is currently around 50, which means that it's priced like a highly innovative company with large growth potentia

That would make sense, except Amazon stock's PE is currently around 50, which means that it's priced like a highly innovative company with large growth potential. So, if management doesn't want a massive stock price drop (and they obviously don't), they have to structure the company as if it's innovative and high-growth, to sell a believable story to the stock market.