CNBC October 26, 2023
Key Points
– In topping analysts estimates for its third-quarter results on Thursday, Amazon reported an operating margin of 7.8%, the highest since it reached a record of 8.2% in early 2021.
– The margin improvements reflect CEO Andy Jassy’s massive cost-cutting efforts, primarily through slashing about 27,000 jobs.
– Some form of the word optimize was used more than 20 times on the earnings call.
Amazon founder Jeff Bezos famously told rivals, “Your margin is my opportunity.” His successor as CEO, Andy Jassy, is telling Wall Street about opportunities to increase margin.
Jassy, who took the helm in mid-2021, has been laser focused on trimming costs across the company for over a year, eliminating 27,000 jobs since last fall,...
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