It could mean that, but in Amazon's case it means they are reinvesting all of their earnings back into new internal investments, which leads to small annual profits.
In that case is the high value still justified speaking strictly in terms of revenue alone?
Also not an investor, but intuitively reinvesting revenue to grow future revenues seems more valuable than being profitable without taking steps to (substantially) grow revenues. Can anyone to speak whether this intuition is reasonable or not?
Exactly. Profits lead to dividends, but also to taxes. As an investor, it is preferable to reinvest and keep growing the business. The trick is that mature companies have a very difficult time achieving double digit growth. Amazon (still) doesn't have that problem.