Amazon CEO Andy Jassy says he's focused on returning to 'healthy' level of profitability

Amazon CEO Andy Jassy says he's focused on returning to 'healthy' level of profitability

May 25, 2022 by CNBC

Key Facts

  • David Ryder | Bloomberg | Getty Images Amazon CEO Andy Jassy said the company is focused on returning to a "healthy level of profitability" after slowing retail sales and rising costs ate into its latest quarterly earnings.
  • Jassy took over during a tumultuous period at Amazon, initially because of Covid-19, and then as inflation, rising rates and the war in Ukraine started taking its toll on the economy.
  • Last month, Jassy said in an interview with CNBC that the costs from inflation, the coronavirus pandemic and the war in Ukraine had become too high for the company to absorb.
  • Jassy on Wednesday confirmed a report from Bloomberg that Amazon intends to shed some of its warehouse space to address the issue with excess capacity.

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