08:40am EST 27-Jan-99 BancBoston Robertson Stephens (Benjamin, Keith 415-693-3
AMZN: Reports Q4 EPS Above Our Estimates; More Spending, More ... (Page 2 of 2)
believe Amazon.com will try to exploit its growing base of loyal buyers through
expansion of its Web site and product offerings.
INVESTMENT THESIS: WE BELIEVE AMAZON.COM IS WELL POSITIONED TO TAKE
ADVANTAGE OF THE INTERNET AS A NEW MEDIUM FOR MARKETING AND COMMERCE.
WE BELIEVE THE COMPANY HAS ALREADY ESTABLISHED ITSELF AS ONE OF THE FIRST,
LEADING ON-LINE MERCHANTS.
INVESTMENT RISKS: Among the risks are (1) the rapidly emerging market with no
earnings validation of the Internet as an effective commerce medium; (2) an
extremely competitive landscape, including other on-line bookstores and new
entrants and on-line service companies; (3) competitive price pressure; (4)
inventory risks associated with new strategy of buying directly from publishers
and maintaining increased physical inventory in warehouses; (5) significant
payments for placement leading Web networks; and (6) probability of significant
losses for at least the next few years.
BankBoston Robertson Stephens maintains a market in the shares of Amazon.com
and ONSALE and has been managing or comanaging underwriter in the shares of
ONSALE.
Unless otherwise noted, prices are as of Tuesday, January 26, 1999.
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REPRESENTATIVE AT (415) 781-9700.
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fact respecting any company, industry or security. Although opinions and
estimates expressed herein reflect the current judgment of BancBoston Robertson
Stephens, the information upon which such opinions and estimates are based is
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