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Amazon is one of the largest online retailers in the world. Estimates have been going up ahead of the company’s second quarter earnings release. The company has mixed record of earnings surprises in recent quarters. There are ongoing investments in digital content, devices and AWS expansion initiatives, for which the payback period remains uncertain. At the same time, these initiatives and Amazon’s aggressive pricing actions are not uncommon for a company with significant growth prospects generating strong cash flows. We continue to believe that its platform strategy and AWS (where it has significant first-mover advantage) will spur future growth and note that current investments are supported by a strong balance sheet.

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