Amazon: Jeff Bezos Is a Genius

Amazon continues to reinvest in its business. Szkutak noted on the call that the company still intends to open 13 fulfillment centers in 2012. The company spent $386 million in Q1. The CFO explains:

The increase in capital expenditures reflects additional investments in support of continued business growth, consisting of investments in technology infrastructure, including the Amazon Web Services and additional capacity to support our fulfillment operations. . . .
We expect capital expenditures including capitalized software development to be approximately $0.8 billion to $0.9 billion. These anticipated investments are driven primarily by our expectations of continued business growth, consisting of investments in technology infrastructure, including Amazon Web Services and additional capacity to support our fulfillment operations.

When Jeff Bezos decides it's time to throttle back on spending, $223, the price AMZN topped out at in post-earnings after-market trading will be a distant memory. In fact, at that point we'll probably talk more about the prospects of AMZN hitting $1,000 per share than AAPL.