Amazon CEO's Cost-Cutting Strategy Boosts Profit Margins To Near-Record Highs
Portfolio Pulse from Benzinga Neuro
Under CEO Andy Jassy, Amazon Inc. (NASDAQ:AMZN) has seen its profit margins nearing record highs due to cost-cutting strategies. Jassy has eliminated 27,000 jobs, cut risky ventures, and transformed Amazon’s fulfillment network. Revenue from advertising services surged 26%, exceeding $12 billion. The third-quarter earnings report disclosed an operating margin of 7.8%, the highest since a record of 8.2% in Q1 2021. Despite a slowdown in AWS revenue growth, Amazon’s stock rose by over 5% to $125.98.
October 27, 2023 | 9:44 am
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Amazon's profit margins are nearing record highs due to cost-cutting strategies implemented by CEO Andy Jassy. The company's stock rose by over 5% to $125.98.
The cost-cutting strategies implemented by CEO Andy Jassy have led to a significant increase in Amazon's profit margins. This has had a positive impact on the company's stock price, which rose by over 5% to $125.98. The company's strong financial performance is likely to continue to support its stock price in the short term.
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