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Shira Ovide

Amazon Mystery: Where Did the Growth Go?

Higher margins are great, but it’s not exactly what investors have been paying for.

Not so incredible.

Not so incredible.

Photographer: Alex Kraus/Bloomberg

Updated on

This is not the Amazon.com Inc. that investors have come to expect. 

The company said Thursday that its fourth-quarter revenue rose nearly 20 percent from a year earlier, which topped analysts’ expectations but was still the weakest growth since early 2015. The growth rate carries some caveats, including a changing composition of Amazon’s retail sales and accounting changes that pinch the company’s reported pace of revenue.