Amazon (AMZN, Financial) continues to benefit from economies of scale and its platform-based business model. Through reinvestment in its business, it continues to strengthen its competitive edge. The AWS web services business is an additional driver of revenue and profit. The company’s secular growth profile looks even stronger in the current environment. Amazon’s first-quarter revenue, reported in April, exceeded consensus forecasts.
From Spiros Segalas (Trades, Portfolio)' Harbor Capital Appreciation Fund second-quarter 2020 commentary.
