Amazon warns of cost cuts during upcoming peak season, no sign of sales growth
In the troubling report from the Wall Street Journal, the e-commerce retail giant is expecting current quarter sales to fall short of projections. Rather than expecting massive sales growth during the upcoming holiday season, the company is discussing cost-cutting measures internally after years of thriving during the pandemic.
Last quarter, Amazon reported a $2.9 billion net profit - its first profit this year, but nearly 10% less than in 2021. The company’s large logistics network is the first like getting a trim, says CEO Andy Jassy.
You also might like...
Amazon’s recent decision to bring employees back to the office five days a week, starting next year, has stirred strong reactions among staff.