And when earnings were coming in, companies like Amazon were just killing it. And if you remember, that was a time when people were still relying on eCommerce. Zoe Thomas: So Dana, what situation did Jassy inherit when he first took over?ĭana Mattioli: Andy started on July 5th, 2021. And joining me to discuss what Jassy's first year as CEO has been like, and what it tells us about the eCommerce giant's future is WSJ Amazon reporter, Dana Mattioli. I'm Zoe Thomas for the Wall Street Journal. One that's forced him to undo some decisions made by his mentor and the company's founder, Jeff Bezos. But since his promotion it's been a bumpy ride. He spent more than two decades there, and had been running the cloud computing division, Amazon web services, the company's cash cow. For Amazon insiders, he was a familiar face. Zoe Thomas: July marks one year since Andy Jassy took over as CEO of Amazon. This version may not be in its final form and may be updated. 18, he said.This transcript was prepared by a transcription service. The company plans to begin discussing the moves with affected employees on Jan. He also chided an employee for leaking the news, an apparent reference to the Wall Street Journal report. In Wednesday’s memo, Jassy said the company would provide severance, transitional health benefits and job placement to affected workers. Jassy told employees in November that more cuts would come in 2023 at its retail and HR teams. Some recruiters and employees in the company’s human resources group were offered buyouts. The group’s chief told Bloomberg last month that layoffs in the unit totaled less than 2,000 people, and that Amazon remained committed to the voice assistant. The first wave of cuts landed heaviest on Amazon’s Devices and Services group, which builds the Alexa digital assistant and Echo smart speaker, among other products. But it continues to invest in its cloud-computing and advertising businesses as well as video streaming. One effort includes trying to sell excess space on its cargo planes, according to people familiar with the matter.Īmazon, which began as an online bookstore, is seeing parts of its business level off. The Seattle-based company also is trying to align excess capacity with cooling demand. Read more: Andy Jassy on Figuring Out What’s Next for Amazon Jassy has eliminated or curtailed experimental and unprofitable businesses, including teams working on a telehealth service, a delivery robot and a kids’ video-calling device, among other projects. It broadened the freeze to the company’s corporate staff and then began making cuts. Amazon delayed warehouse openings and halted hiring in its retail group. The world’s largest online retailer spent the end of last year adjusting to a sharp slowdown in e-commerce growth as shoppers returned to pre-pandemic habits. It had more than 1.5 million employees as of the end of September.Īt the time the company was planning its cuts in November, a spokesperson said Amazon had roughly 350,000 corporate employees worldwide. The Wall Street Journal first reported on the plan.Įliminating 18,000 workers would be the biggest cut yet for tech companies during the current slowdown, but Amazon also has a far bigger workforce than Silicon Valley peers. The shares climbed about 1.8% in trading before New York exchanges opened on Thursday. That’s a Bad Sign for Your Company, TooĪmazon investors gave a positive reaction to the latest belt-tightening efforts, betting it may bolster profits at the e-commerce company. Read more: Big Tech Is Laying Off Tons of Workers.
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