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Amazon is in the news again, and again the news is not great. This time the issues are financial rather than technological, with net income reported in the quarterly earnings as down 33%. Headline sales figures for the quarter are actually up 38% on last year at $9.86 Billion, but the company is clearly spending heavily in a number of areas. Reuters suggests that a good chunk of that investment is headed for the cloud, although it’s not clear whether there is any meaningful differentiation between investment in Amazon Web Services and investment in consumer plays like Cloud Drive and Cloud Player. Last time Bezos ignored Wall Street and invested heavily in infrastructure they hated it, but he ended up being proved right. Analysts appear prepared to cut him a little more slack this time around.