BEIJING, May 26 (Reuters) – Amazon CEO Andy Jassy told a shareholder meeting on Wednesday, after slowing retail sales and rising costs eroded Amazon’s latest quarterly results,Company will focus on returning to ‘healthy profitability’.
This is Jassie’s first shareholder meeting since taking over as Amazon’s CEO last July. “We have effectively reduced our cost structure before. I’m sure we’ll get back on track as we get through what has been an extraordinary two years. ‘ he said.
Jassy’s takeover of Amazon comes at a time of turmoil for the company, first because of the Covid-19 pandemic, then inflation, rising interest rates and the war in Ukraine starting to take its toll on the economy. Amazon has ramped up testing and cleaning, as well as other safety measures for frontline workers,As a result, billions of dollars in costs related to the outbreak were borne. The company also doubled its warehouse space and increased hiring to handle the surge in online orders.
In an interview last month, Jassy said,The costs of inflation, the Covid-19 pandemic and the Ukraine war are too highmaking it unbearable for the company.
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