Can Jeff Bezos Turn Amazon Around Again? Steve Forbes Thinks So
Amazon.com, Inc. (NASDAQ: AMZN) and CEO Jeff Bezos have had a fantastic run on the financial markets. However, some people on the Street feel that this run may soon be over if the company doesn’t change its way soon.
Forbes Media Chairman and Editor-In-Chief Steve Forbes is one of those people. He was recently on Bloomberg to discuss how competition is soon catching up to Amazon and how Jeff Bezos should change his ways to turnaround Amazon yet again.
"The thing is people are trying to takeover Jeff Bezos’ world," Forbes said. "He's got serious competition on all fronts, which is why when he had that disappointing last quarter, his stock got hammered. His stock has had a terrible year because everyone is poaching on him. There are no boundaries anymore."
When asked about the excessive valuations that Amazon enjoys even after being unprofitable, Forbes replied, "Well, what hurt him is in the last quarter the cash-flow was negative, and the idea that if he wanted he could turn on the profit spigot has been damaged because of the competition he's facing from everybody else."
Even though Forbes complained that Bezos hasn't been able to face competition well, he hasn't completely given up on Bezos.
"He's done amazing things, he'll do amazing things, but he has to prove again that he can turnaround that cash-flow situation and win and get new territory," Forbes said.
Amazon shares closed Monday at $335.64, up 0.90 percent.
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