Amazon CEO Andy Jassy Commits to Cost-Cutting, Innovation in Shareholder Letter
Amazon had a tough year, according to CEO Andy Jassy.
Amazon.com Inc. has committed to investing innovative technologies despite facing one of the 'hardest macroeconomic years' in recent history, said Chief Executive Andy Jassy in his second annual shareholder letter.
Mr. Jassy led initiatives to reduce costs, including
About 27,000 jobs will be cut
He said that Amazon continued to invest in what would become successful businesses such as its cloud computing unit, Amazon Web Services, during those periods. He said Amazon continued to invest during those challenging periods in businesses that would later become successful, such as Amazon Web Services.