Amazon Stock Has Gotten Crushed. There’s a Case It Could Double, or Even Triple, From Here.

This year, the Amazon Web Services cloud business will be about 15% of the company’s total revenue but more than 100% of its profits. Before, during, and after pandemic lockdowns, AWS revenue grew at a 30%-plus quarterly clip. In the long term, those trends should continue.

Meanwhile, Amazon has an advertising business that has annualized revenue of close to $40 billion. That’s nearly four times the size of Twitter (TWTR) and Snap (SNAP) combined. And it’s a media company that now controls the rights to a weekly National Football League game, a package that was once exclusive to broadcast giants Comcast (CMCSA), Fox (FOXA), Paramount Global (PARA), and Walt Disney (DIS) . There’s also a growing logistics operation that increasingly rivals FedEx (FDX) and United Parcel Service (UPS).