![]() ![]() "That's never been a problem for them in the past."Īs the head of AWS, Jassy was at the center of Amazon's profit engine, which gave the company the fuel to invest elsewhere. "They're completely unafraid to kill something that's not working," said Craig Berman, a former Amazon vice president for global communications. Other endeavors with a short shelf life included a restaurant delivery service, social media feed, a device designed to replenish items with one click, a ticketing service, an auction site and an online wine store. One of the most infamous examples is the Fire Phone, Amazon's first smartphone that was discontinued in 2015, a year after its debut. ![]() More recent projects under Bezos included self-driving robotaxis, cashierless stores and delivery drones, all in pursuit of making life easier for customers.īezos ultimately axed plenty of products that didn't pan out after launch. No wager was bigger than Amazon Web Services, the cloud-computing unit that Amazon launched in 2006 and that Jassy led until his promotion last year. ![]() The change on Jassy's watch has prompted some analysts and former employees to wonder whether there's a permanent shift in strategy underway or a temporary reset reflecting economic uncertainty.īezos built a reputation as a fearless entrepreneur willing to make big risky bets that could require hefty investment and may not generate meaningful revenue for years, if ever. The recent trend of belt-tightening has raised a longer-term question because it's coincided with the company's first ever change in leadership at the top after Bezos' departure. "The trick for us during this time is just to balance those long-term investments and bets and customer experiences that we believe are the future of the company, along with really focusing on delivering along the way." "We have an enormous amount of things that we're investing in and that will continue," Jassy said at the meeting, referencing Alexa, Prime Video and grocery as examples of some areas where Amazon continues to spend. The company also said it would spend about $1 billion over the next year on wage increases and expanded benefits for front-line workers, and it has plans to hire 150,000 employees to help manage the holiday rush. The company has been on a buying spree in recent months, agreeing to acquire primary care provider One Medical for $3.9 billion, Roomba maker iRobot for $1.7 billion and Belgian warehouse robotics company Cloostermans for an undisclosed amount. Not that Amazon has put the brakes on all new spending. Davidson who recommends buying the stock. "If we look at everything collectively, Amazon seems to care a little more about margin than they have historically," said Tom Forte, an analyst at D.A. And last month's annual hardware event, which normally showcases a roster of gadgets and robots that may or may not still be around in a year or two, was noticeably constrained compared to prior launch events. On the recruiting front, Amazon is freezing hiring for corporate roles in its retail business. Amazon has also considered drastically reducing the size of its secretive skunkworks lab Grand Challenge, Insider reported. call centers, axed its roving delivery robot, shuttered underperforming brick-and-mortar chains, and is closing, canceling or delaying some new warehouse locations. In recent months, Amazon has shut down its telehealth service, discontinued a quirky, video-calling projector for kids, closed all but one of its U.S. The wave of frugality is unfamiliar to Amazon investors and an employee base that swelled to 1.6 million last year from under 650,000 in 2018. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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