Amazon is the third largest advertising company after Google and Meta. Its ad revenue is $32B (and growing fast, the run rate is $40B). That is half the revenue of AWS, which is worth 70% of Amazon's market cap. The inescapable conclusion is that Amazon's advertising is worth the remaining 30% of Amazon's market cap and Amazon's e-commerce arm is deemed worthless by Wall Street , its only purpose being to support the…
Like, on first page I've found in Google (https://www.insiderintelligence.com/insights/amazon-revenue/) it says: AWS – ~17B Ads – ~9B Online stores – ~66B
I actually wouldn't be surprised if I'm misunderstanding something and you're right, but can I ask where you got these numbers?
Edit: On second read I realized the source I sent was misleading – the title talks about annual revenue, but hidden in the text there's a note saying that sub-headings actually show quarterly revenue. I'm still not sure about AWS-to-sales ratio, but my apologies for earlier confusion.