While financial games are a significant issue, I wouldn't discount profit entirely. Looking at the components of cost-of-revenues will give you some idea of how easy that money is.
It's actually a fairly interesting point on reflection. I look at it as metabolic efficiency.
Note that YHOO's profit margins are fairly high as well.
I would discount profit entirely, especially if you are in a growing market. Focusing on profit will make you lose out to other companies that are focusing on growth. In a few years, that other company is going to be dominant in that market and will be able to turn on the profit faucet to help them apply the same idea to another market. Bezos and Schmidt, in particular, have spoken publicly about this business strategy several times. It is the reason companies like Amazon and Netflix can report negative earnings but maintain sky-high valuations.
It's actually a fairly interesting point on reflection. I look at it as metabolic efficiency.
Note that YHOO's profit margins are fairly high as well.