NEW YORK (TheStreet) -- Amazon (AMZN) - Get Report was this close to hitting their earnings estimates, at least according to Forbes and other media outlets. That, though, is wishful thinking on wheels.

Here's what

Forbes

said in their headline: "Amazon Q2 Sales Up 29%, But Earnings Just Miss."

Got that? They just missed.

This close

. To emphasize the point, they called Amazon's second-quarter profits, released Thursday, a "slight" miss.

Sure enough: net income, which fell 96% to $7 million, was 1 cent a share -- and Wall Street estimates were for 2 cents.

They only missed by a penny.

This close

.

Here's the rub, though: The media rarely grasps proportionality. Since expectations were for only 2 cents, a 1-penny miss was huge.

One penny off of 87 cents amounts to little more than a technical miss, but with the market expecting only 2 pennies, it's the size of Bolivia.

Moreover, this is Amazon's second straight miss and their forecast came in light too. That should color perception too.

Look: Amazon is up to their old tricks, only more so. They are investing in warehouses to compete with

Wal-Mart

(WMT) - Get Report

and

Ebay

(EBAY) - Get Report

and tablets to go up against

Apple

(AAPL) - Get Report

and

Google

(GOOG) - Get Report

, all the while hoping to turn a meaningful profit at some undetermined time in the future.

But so far they are missing, big time.

At the time of publication, Fuchs had no positions in any of the stocks mentioned in this column.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

Marek Fuchs was a stockbroker for Shearson Lehman Brothers and a money manager before becoming a journalist who wrote The New York Times' "County Lines" column for six years. He also did back-up beat coverage of The New York Knicks for the paper's Sports section for two seasons and covered other professional and collegiate sports. He has contributed frequently to many of the Times' other sections, including National, Metro, Escapes, Style, Real Estate, Arts & Leisure, Travel, Money & Business, Circuits and the Op-Ed Page.

For his "Business Press Maven" column on how business and finance are covered by the media, Fuchs was named best business journalist critic in the nation by the Talking Biz website at The University of North Carolina School of Journalism and Mass Communication. Fuchs is a frequent speaker on the business media, in venues ranging from National Public Radio to the annual conference of the Society of American Business Editors and Writers.

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