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Cory can't believe that Amazon's non-AWS units combined have such low profit margins.

But he never explains how, exactly, decomposing the non-AWS income statement into separate income statements for each non-AWS activity would somehow uncover hidden income.

How could it not show that some activities were profitable, others lost money, and the sum matches the aggregate reported in the 10-K?

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Perhaps the suggestion is that Amazon’s retail operation is over-billed by the AWS operation… so on paper it looks like AWS is taking in profits that actually wouldn’t exist if not for the retail revenue

How would disaggregating the non-AWS segment into smaller sub-segments show that AWS is inflating intracompany billing?

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