Editore"s Note
Tilting at Windmills

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April 23, 2004
By: Kevin Drum

AMAZON GROWS UP....Amazon.com announced yesterday that it posted a profit for the third straight quarter. Several other internet companies have also announced good results.

This is good news for the internet sector, of course, but I think the real lesson from these results is a little less good: despite the hype, it shows just how ordinary the internet industry is. After all, it took a massive initial investment, nearly a decade, and an annual sales rate of $6 billion for Amazon to become profitable. How is that different from startups in any of a dozen other sectors?

So this is good news in a way but bad in another. It's always exhilarating to watch a child grow into adulthood and move away from home, but at the same time there's also a twinge of regret when she joins the workaday 9-to-5 world instead of becoming the ballerina she always dreamed of.

Welcome to the real world, Amazon. You've finally become just another SIC code.

Kevin Drum 12:14 PM Permalink | Trackbacks

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