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In early days ,Amazon's Profit margins wobbled between negligible and negative. That might be acceptable for a young startup, but Amazon was two decades old at the time. The whole thing was easy to mock and call a bubble .

Jeff Bezos had a different view: Margins don’t matter. Dollars do. A huge business with low margins was preferable to the opposite. He explained in 2014:

Margins are not one of the things we are seeking to optimize. It’s the absolute dollar free cash flow per share that you want to maximize.