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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%

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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.

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