Amazon CEO Andy Jassy signaled confidence that the company will get costs under control in his annual shareholder letter, where he also noted the tech giant was “spending heavily” on AI tools that have gained popularity in recent months.
In the letter, Jassy described 2022 as “one of the harder macroeconomic years in recent memory” and detailed the steps Amazon had taken to trim costs, such as shuttering its health care initiative Amazon Care and some stores across the country. The company had also slashed 27,000 corporate roles since the fall, marking the biggest rounds of layoffs in its history.
