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Comment by AnotherGoodName | Hacker News Reader

This makes no sense at all

Amazon $716.92 billion revenue 2025

Apple $416.16 billion revenue 2025

That's just one company that has more let alone the whole index combined dwarfing Apple.

Where does that graph that shows apple as a 100x outlier on consumer revenue even come from? It's not at all correct and doesn't pass the most basic smell test. Yet this is an entire article about this hallucinated fact?

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The "top 20 of 2026" table in the article puts Amazon at $776B, but only 3.75% of that ($29B) attributed to B2C revenue. I don't know whether that number is correct, but AWS is clearly a massive chunk of non-B2C revenue for Amazon.

Something is off because obviously Amazon distribution is majority direct to consumer.

It's WAY off, lol

> https://bullfincher.io/companies/amazoncom/revenue-by-segmen...

Well over 60% of their revenue is B2C, strictly defined.

60% is online stores. Is that known as B2C?

Of course.

Source?

B2C: Business to Consumer

B2B: Business to Business

Yea thanks, but I know. The question is whether the online store revenue is mainly from consumers or businesses.

Well considering this article counted exactly 100% of Apples revenue as B2C its clearly an inconsistent definition.

The same table also lists Walmart as 5% B2C revenue. There's clearly something wrong here.

They're not accounting for the Walmart Cloud Servers I run my business on

In the meantime it counts literally 100% of Apples revenue as B2C. The number quoted is literally 100% of Apples revenue. Which is an 'interesting' discrepancy.

FTA: 3) Retailer percentages are margin only as sales otherwise are pass-through

They’re only counting margin from Amazon’s retail operations since they’re reselling products manufactured by others and Amazon’s retail net margins are ~3%.

Apple’s TTM net margin on their combined products and services is ~28%

That's ... not what revenue means. You can't count revenue for Apple and profits for Amazon and Walmart etc.

I’m not defending their analysis, I’m just explaining it. Their reasoning is that Amazon and Walmart resell products manufactured by others for a low margin of 3-5%.

I agree with you, I think it would be more fair and less disingenuous to compare the net income of Apple vs the net income for consumer facing operations of other companies.

Amazon draws a lot of it's revenue from AWS/Cloud services, i.e. not consumer, and only some from sales of low margin consumer goods.

Apple gets the bulk of it's revenue from high margin consumer devices, apps, and consumer subscription plans etc.

AWS/cloud is 18% of it's revenue. I don't get people in here trying to claim that it's consumer revenue is a small portion. Profits from AWS are high but this is revenue, the thing you count every time a sale is made on amazon.com.

This comment being at the top just goes to show how the HN crowd is no different than any other on social media. Bro didn’t care to even read the article.

The difference is that Amazon’s to-consumer revenue is very low (~5%) while Apple’s is very high (~95%)

Amazon's to consumer revenue should include it's online stores (262billion), sales of third party products (172billion), physical stores (22.56billion), and i think subscription right (amazing prime, 50billion)?

Where do you get 5% from? That again doesn't pass the smell test.

Amazons b2c is Alexa, Kindle, Video, Music, Store, Whole Foods and a bunch more. Its revenue is about 350b annually, just shy of half their revenue.

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