Wall Street has cheered Amazon CEO Andy Jassy's cost-cutting efforts, with the company's shares up about 23% year to date.
"Customers only have so much attention," Olsavsky said at the time, and those factors made it"a tough quarter to forecast." . Beginning in 2022 and extending through 2024, Amazon initiated the largest layoffs in its history, cutting more than 27,000 jobs. Jassy has taken a harder line on the company's unproven, costlier bets than his predecessor, Amazon founder Jeff Bezos.
Amazon is expected to report operating income of $14.7 billion during the quarter, up more than 31% from a year earlier, according to StreetAccount. The companyWall Street has applauded Jassy's campaign to rein in expenses, with Amazon shares up about 23% year to date. The Nasdaq has gained roughly 30% over the same stretch.