Amazon CEO Andy Jassy during the New York Times DealBook Summit in November. Photo by Michael M. Santiago/Getty Images
Amazon’s reset isn’t over.
State of play: The tech and logistics giant will stay on the cost-cutting course it started last year as the anomalous and massively beneficial economic conditions for its business created by the pandemic dissipate.
Driving the news: “We’re working really hard to streamline our costs and trying to do so at the same time that we don’t give up on … long-term strategic investments,” CEO Andy Jassy said on a call with analysts on Thursday evening.
By the numbers: The company ended the year with 1.54 million workers, 4% fewer than at the end of 2021.
The big picture: Last year was the first full calendar year of Amazon under Jassy, who led the company to close physical bookstores, slow warehouse openings and cut its Amazon Care telehealth unit.
Yes, but: Cost cutting won’t solve Amazon’s growth problem.
What to watch: Jassy called out Amazon’s bets on streaming media and its low-earth orbit satellite program, Kuiper, among its bullish investments.
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