Key Points
Amazon's CEO Andy Jassy has sent an annual letter to shareholders, highlighting the difficult times that the company went through in the past and that he is now confident that the recent cost-cutting measures would help the platform grow..
In his letter, which is published on the official website of Amazon, the executive admitted that some of the measures such as firing 27,000 employees are hard, but the decision will pay off well for the company...
He revealed that Amazon took a "deep look across the company, business by business," to analyse if "each initiatives long-term potential (will) drive enough revenue, operating income, free cash flow, and return on invested capital.".
He admitted that the layoff of 27,000 employees through multiple rounds is hard, but all these measures will help the company streamline overall costs for the business...
We know our success will be largely affected by our ability to attract and retain a motivated employee base, each of whom must think like, and therefore must actually be, an owner," he said.. Jassy also told shareholders that Amazon has asked the current employees to come back to the office because he believes that innovation happens when people work in person..
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