The online retail giant was spending too much, owed too much, and had too little in the bank--it was "under extremely high risk," said Suria.
With the Internet bubble already losing air, Suria's report went off like a bomb. Amazon, which called the report "hogwash," saw its stock tumble 20 percent the day it was released. And it ignited an almost yearlong scrutiny of the company by analysts, investors and reporters alike.
Yet today, with scores of busted e-commerce companies fading into history, Amazon is still ringing up orders.
Some analysts suggest that the report might be part of the reason Amazon had the US$600 million at the end of the first quarter. It may have prompted the company to take a more conservative approach in expanding and implementing its business plan, they say.
