Amazon Rise Defies the Odds

That's why it's worth watching Amazon closely, especially in two areas: First, will Amazon show strong year-on-year growth in revenue and profit as operating expenses decline while business picks up?

Second, and more important for long-term growth, will Web services give Amazon the boost it needs? Not just in a potentially rich source of low-margin revenue, but by creating a community of allies interested in helping Amazon get back to the cutting edge of Internet innovation.

The answers to these questions can only come from Amazon's clever CEO, but they will come over the next several quarters. The clock is ticking, Mr. Bezos. But for now, Wall Street is on your side.