As I made clear in Wednesday's post on technology, media and telecom, I see Amazon and Google as clear winners in the Internet space. The Internet is the nexus of TMT convergence. And to be successful as this convergence happens, companies need to be positioned more broadly. Facebook and Netflix fail on that score. Apple also has challenges there. But I believe it could buy its way into some markets if it makes the adjustment quickly.
Amazon's numbers had no obvious weak spots. Revenue scale and growth were great as net revenue rose 39% to $52.89 billion from $37.96 billion a year earlier. And Amazon is starting to translate cash flow into net income as growth capex declines in importance; net income rose to $2.53 billion, or $5.07 per share, from $197 million, or 40 cent...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.