American e-commerce giant Amazon has posted slightly disappointing Q1 results, but the figures mislead its potential. Saxo Bank’s head of equity strategy Peter Garnry explains why.

Amazon is not translating revenue growth into earnings, he says, adding that this is missing the point.

Garnry says the company has invested a huge part of its cashflow into its business and 12-month trailing cash flow from operations rose 38% year-on-year in Q4.