As I understand it, Amazon's MO has been ploughing all of their profits into capex to expand their infrastructure, so they don't show much profit, despite continually increasing their revenue.
The other key piece is that Amazon's infrastructure investments often double as product R&D since their business increasingly shifts to selling access to their infrastructure vs selling products directly to consumers.
P.S. If you see this, how different is Amazon? Isn't Amazon also losing millions of $, yet their stock is soaring to all times high?