Amazon is finally a services company and that’s the only reason it’s profitable

Andy Jassy, chief executive officer of Amazon.Com Inc., speaks during the GeekWire Summit in Seattle, Washington, U.S., on Tuesday, Oct. 5, 2021.

David Ryder | Bloomberg | Getty Images

Amazon on Thursday reported earnings for the third quarter, and the results revealed a major underlying shift: The company is now a services business.

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