Amazon CEO Andy Jassy released his annual shareholder letter.tumbled 0.84% for the day. The drops came after the consumer price index increased 0.4% in March and 3.5% year over year, versus increase estimates of 0.3% and 3.4%, respectively., which excludes volatile food and energy prices, accelerated 0.4% from the previous month while rising 3.8% from a year ago, compared with estimates for 0.3% and 3.7%, respectively.
early Thursday morning, saying he's committed to cost cutting even as the company keeps investing in new growth areas like artificial intelligence. It's his third letter since he took the top job after former CEO Jeff Bezos stepped down in 2021. Under his leadership, Amazon has become leaner and turned away from the relentless growth Bezos pursued. From the end of 2022 through 2023, Amazon enacted the largest layoffs in the company's history, cutting more than 27,000 jobs.below $4.
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