The retailer has long been known for building from the ground up instead of buying its way into new industries, but its recent acquisitions of Whole Foods Market (WFM) and Souq.com, and rumors it's looking to buy Slack and Shopify (SHOP) - Get Report have challenged that reputation.
But Amazon told Citi Research it is "still very much build vs. buy." This year's high-profile acquisitions were more about the "quality of the particular companies and the ability to get a few years head start," Amazon said.
Amazon stock traded down over 2% midday Monday following lackluster second quarter results reported Thursday.
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