At the risk of being boring, Amazon's "no profit" model works because profit is an accounting measure, not an economic measure. Amazon is increasing in value,

At the risk of being boring, Amazon's "no profit" model works because profit is an accounting measure, not an economic measure. Amazon is increasing in value, but because they are investing in themselves, on paper (i.e. according to accounting measures) they are not profitable. All companies have a "book to market" ratio that indicates they are worth more as a company than accounting measures would suggest.