While $Amazon(AMZN.US) operating margin was better than expectations, it declined quarter over quarter to 11.4% compared to 11.8%.
This is important because it's a gauge on how automation is improving the business model. While it stepped back sequentially, it also stepped back March to June last year (from 10.7% to 9.9%).Operating MarginJun - 25: 11.4%Mar-25: 11.8%Dec-24: 11.3%Sep-24: 11.0%Jun-24: 9.9%Mar-24: 10.7%Dec-23: 7.8%Sep-23: 7.8%Jun-23: 5.7%Mar-23: 3.7%Dec-22: 1.8%Source: Gene Munster
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