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☆ Amazon CEO Andy Jassy says he's committed to cost cutting while investing in AI in shareholder letter
▼ + stars: | 2024-04-11 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +41 min

This work diminished short-term revenue, but was best for customers, much appreciated, and should bode well for customers and AWS longer-term. We're also making progress on many of our newer business investments that have the potential to be important to customers and Amazon long-term. Being intentional about building primitives requires patience. Customers building their own FM must tackle several challenges in getting a model into production. Customers' AI models contain some of their most sensitive data.

Persons: Andy Jassy, Jassy, Jeff Bezos, he's, we've, Martha Stewart, Clinique, we're, We've, bode, We're, I've, iterating, We'd, we'd, Fox, affordably, you've, They're, Anthropic, that's, Claude, Dana, debugs, Slack Organizations: Amazon, Services, AWS, Deal, Prime, MGM, Savings, Regions, Citadel, Target, Storage Service, Netflix, Disney, Max, Paramount, CIA, . Intelligence, Amazon Freight, Carrier, Amazon Shipping, Foods, Drones, Amazon Pharmacy, Amazon Clinic, Robotics, Nvidia, Ricoh, NatWest, FMs, Meta, Bridgewater Associates, Farber Cancer Institute, Delta Air Lines, Intuit, KT, Lonely, LexisNexis, Netsmart, Pfizer, PGA, Rocket Companies, Siemens, Media, Inc Locations: North America, U.S, Europe, India, Brazil, Australia, Mexico, Middle East, Africa, Malaysia, New Zealand, Kingdom of Saudi Arabia, Thailand, Berlin, Hulu, Amdocs, Genomics England, GoDaddy, GenAI

☆ Biden Chides Netanyahu, Threatening to Pivot U.S. Policy
▼ + stars: | 2024-04-04 | by ( Cassandra Vinograd | ) www.nytimes.com time to read: +13 min

During a 30-minute call with Prime Minister Benjamin Netanyahu of Israel, President Biden went further than ever in pressing for change in the military operation. “President Biden emphasized that the strikes on humanitarian workers and the overall humanitarian situation are unacceptable,” according to a White House summary of the call. But Mr. Kirby would not outline specific metrics for judging Israel’s response or what Mr. Biden would do if not satisfied. Mr. Biden called himself “outraged and heartbroken” over the incident and made a point of calling Mr. Andrés to express his condolences. Bibi obviously doesn’t care what the U.S. says, its about what the U.S. does.”Jon Favreau, a former chief speechwriter for Mr. Obama, was even more derisive of Mr. Biden.

Persons: Benjamin Netanyahu, Israel, President Biden, Biden, “, Netanyahu, ”, Fatima Shbair, Antony J, Blinken, ” Mr, Biden’s, Chris Coons, Mr, Coons, Kamala Harris, Jake Sullivan, Biden “, Mohammed Saber, John F, Kirby, emboldening, John Hannah, José Andrés, Andrés, Zomi Frankcom, Damian Soból, Barack Obama, Bibi, ” Ben Rhodes, Obama, ” Jon Favreau, doesn’t, ‘, ’, aggravation, Jill Biden, Joe, Katie Rogers, David E, Sanger, Lara Jakes Organizations: Israel, Hamas, Credit, Associated, NATO, Democratic, CNN, Republican, American Israel Public Affairs Committee, Iran, Central Kitchen, Shutterstock, Jewish Institute for National Security of America, Biden, Mr, Israel Defense Forces, White Locations: Gaza, Israel, Rafah, Brussels, Michigan, Washington, Delaware, Jerusalem, Iran, Syria, United States, “ Hamas, Haiti, Cyprus, U.S, “

☆ C.I.A. Director Is Heading to Cairo for New Truce Talks
▼ + stars: | 2024-04-04 | by ( Julian E. Barnes | ) www.nytimes.com time to read: +14 min

During a 30-minute call with Prime Minister Benjamin Netanyahu of Israel, President Biden went further than ever in pressing for change in the military operation. Credit... Fatima Shbair/Associated PressBy the middle of the night in Jerusalem, Israel made its first gestures to Mr. Biden. The reported agreement came as American officials held out the prospect of consequences if Mr. Netanyahu resisted. But Mr. Kirby would not outline specific metrics for judging Israel’s response or what Mr. Biden would do if not satisfied. Mr. Biden called himself “outraged and heartbroken” over the incident and made a point of calling Mr. Andrés to express his condolences.

Persons: Benjamin Netanyahu, Israel, President Biden, Biden, Biden’s, “, Netanyahu, ”, Fatima Shbair, Mr, Antony J, Blinken, ” Mr, Chris Coons, Coons, Kamala Harris, Jake Sullivan, Biden “, William J, Burns, Mohammed Saber, John F, Kirby, emboldening, John Hannah, José Andrés, Andrés, Zomi Frankcom, Damian Soból, Barack Obama, Bibi, ” Ben Rhodes, Obama, ” Jon Favreau, doesn’t, ‘, ’, aggravation, Jill Biden, Joe, ” Julian E, Barnes, Katie Rogers, David E, Sanger, Lara Jakes Organizations: Israel, Hamas, Credit, Associated, U.S . National Security Council, NATO, Democratic, CNN, Republican, American Israel Public Affairs Committee, Iran, Central Kitchen, Shutterstock, Jewish Institute for National Security of America, Biden, Mr, Israel Defense Forces, White Locations: Gaza, Israel, Rafah, Jerusalem, Ashdod, Jordan, Brussels, Michigan, Washington, Delaware, Iran, Syria, United States, Cairo, “ Hamas, Haiti, Cyprus, U.S, “

☆ Release of Hur Report Underlines Perils of the Special Counsel’s Job
▼ + stars: | 2024-02-09 | by ( Glenn Thrush | ) www.nytimes.com time to read: +1 min

The man Mr. Garland tapped for the job, Robert K. Hur, has not been quite as cautious. On Thursday, Mr. Hur, 50, a former Justice Department official in the Trump administration, dropped a 345-page political bomb into the middle of the 2024 campaign, the final report summing up his investigation. The Hur report underlines the challenges of deploying special counsels, which are intended to shield prosecutors from political meddling, but often result in the release of negative information about high-profile targets who have been cleared of criminal wrongdoing. It also showed the complicated balance of the job — navigating a polarized environment that leaves little option but to expansively explain the rationale for any decision. Mr. Hur is no stranger to high-wire investigations and legal conflict.

Persons: General Merrick B, Garland, Biden’s, Robert K, Hur, Trump, Biden, Donald J, Mr, Rod J, Rosenstein —, Rosenstein, Robert S, Mueller III Organizations: Justice Department Locations: Russia

☆ Opinion | What Relationships Would You Want, if You Believed They Were Possible?
▼ + stars: | 2024-02-06 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +1 min

Almost half of children are born to unmarried women. The number of close friends Americans report having has been on a steep decline since the 1990s, especially among men. We are living out a radical experiment in how we live, love, parent and age — and for many, it’s failing. People want more love in their lives, and opening their relationships is one way to find it. A poll from last year found that one-third of Americans believe their ideal relationship would involve something other than strict monogamy.

Persons: “, Ezra Klein, it’s, It’s Organizations: Apple, Spotify, Amazon Music, Google

☆ One of Goldman Sachs' top executives running investment banking and global markets is set to step down: Read the full memo
▼ + stars: | 2024-01-29 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

Jim Esposito, one of three co-heads of Goldman Sachs's powerful global banking and markets division, is set to step down. His previous roles include co-head of the global financing group, co-head of global markets, and global co-head of investment banking. Most recently, Jim played an important role in bringing together our Global Markets and Investment Banking franchises to form the Global Banking & Markets business. Jim's passion for our distinctive culture has also been reflected in his commitment to recruiting, developing and mentoring talented individuals around the world, including the next generation of leaders across Global Banking & Markets. Prior to assuming his current role, Jim was global co-head of the Global Markets Division and before that global co-head of the Investment Banking Division.

Persons: Jim Esposito, Goldman, Esposito, He's, David Solomon, Solomon, John Waldron, Waldron, Julian Salisbury, —, Salisbury's, Eric Lane, Gregg Lemkau, Goldman Sachs, Jim, Jenn, David Organizations: Business, Goldman, Wall Street, Business Insider, Bloomberg, Tiger Global, IB, Global Banking, Markets, Management, Investment Banking, Global Markets, Global Markets Division, Global, Group, Trustees, Corporation, Brown University, Advisors, Tuck School of Business, Dartmouth College

☆ Google, Meta, Snap and TikTok must face teen addiction claims, federal judge rules
▼ + stars: | 2023-11-15 | by ( Brian Fung | ) edition.cnn.com time to read: +5 min

CNN —Major social media companies must face allegations that their services addicted teen users and caused other mental health harms after a federal judge on Tuesday denied a motion to dismiss the bellwether lawsuit filed by a wave of consumer plaintiffs. The ruling paves the way for hundreds of plaintiffs to continue their case against the tech companies, and could indirectly lift the prospects for a bevy of similar suits filed by dozens of state attorneys general last month against Meta. “Protecting kids across our platforms has always been core to our work,” José Castañeda, a Google spokesperson, said in a statement. Gonzalez Rogers said Tuesday that Section 230 does shield the tech platforms from claims that try to hold the companies accountable as publishers of other users’ speech. For example, she said, the companies will not have to face claims they violated the law by implementing infinite news feeds or by using algorithms to increase user engagement.

Persons: Yvonne Gonzalez Rogers, Gonzalez Rogers, TikTok didn’t, ” José, ” Lexi Hazam, Previn Warren, Chris Seeger Organizations: CNN, Google, Communications, Meta, YouTube

☆ Stock market looks to escape macroeconomic fears as it mounts a November comeback
▼ + stars: | 2023-11-11 | by ( Michael Santoli | ) www.cnbc.com time to read: +8 min

.SPX YTD mountain S & P 500, YTD Progress, for sure, with something more to prove. And of course, the S & P had only just broken an eight-session win streak before then. There's no doubt the spread between, say, the Nasdaq 100 and the equal-weight S & P 500 is extreme this year, at some 42 percentage points. The S & P 500 High Beta Index, tracked by the SPHB ETF , now trades under 15-times forward earnings, down from 20-times in February and a current 18 for the S & P 500. Earnings growth — even if slow and unevenly bestowed across sectors — tends to limit equity downside at minimum.

Persons: that's, Disinflation Organizations: Federal, stoke, Treasury, Fed, NYSE, Trader's, Nasdaq, Beta Locations: Friday's

☆ Disney is in trouble. Bob Iger has 5 big problems to solve
▼ + stars: | 2023-11-08 | by ( Samantha Delouya | ) edition.cnn.com time to read: +8 min

Last quarter, Disney’s linear television revenue continued to slip, declining 7% compared to the same quarter last year. Disney World angstIt may not be all bad news for Disney, though. However, Disney World Resort in Florida has struggled with declining attendance in recent months. Over the summer, Disney World parkgoers experienced shorter-than-expected ride wait times and fewer crowds. Nearly one year ago, Iger unexpectedly came out of retirement to take over the role of Disney CEO once again after the board unexpectedly fired his successor, Bob Chapek.

Persons: Ron DeSantis, Bob Iger, Hugh Johnston, Christine McCarthy, Iger, ” Iger, I’ve, expansively, Indiana Jones, Reynaud Julien, Bank of America’s Jessica Reif Ehrlich, Ehrlich, Jason Bazinet, Disney, Disney isn’t, ”, Vijay Jayant, underperformance, Bob Chapek, Johnston Organizations: Los Angeles CNN, Disney, Republican, Gov, Warner Bros, CNN, Media, YouTube, ESPN, Wall Street, PepsiCo, ABC, Disney Channel, Geographic, “, Destiny, Cannes Film, APS, Bank of America’s, Citigroup, Shanghai Disney Resort, Hong Kong Disneyland Locations: Florida, Refinitiv, Cannes, France, Canada, Hulu, Shanghai, Hong, Central Florida

Here's how to get identity protection and what to look for in an identity protection service. If you have children, an identity theft protection service with a family plan or additional features to prevent child identity theft can be useful. Signs of a good identity theft protection serviceWhat you need from an identity theft protection service will vary based on your assets and needs, but the basics are relatively uniform. Red flags in identity theft protection servicesThere's no clear outline of solutions: The last thing you want from the company you're paying for identity theft protection is a lot of talking in circles. Getting identity theft protection frequently asked questionsWhat is the best identity theft protection service?

Persons: Kurt Sanger, Batten, Sanger, Michael Scheumack, Rebecca Morris, —, Morris, it's Organizations: Research, US Cyber Command, Credit Monitoring, Chevron, Social Locations: United States, Chevron

☆ 3 key questions Disney analysts say CEO Bob Iger faces ahead of earnings, as concerns mount about succession and streaming profits
▼ + stars: | 2023-08-09 | by ( Reed Alexander | Lucia Moses | ) www.businessinsider.com time to read: +12 min

For Disney, Iger's return was a doctor's-orders scenario. "What is the long game for any pure-play media company in a world where we have tech-driven media companies that are much larger than any traditional media company and have fundamentally different business models?" Will Disney sell TV assets like ABC? Industry watchers have focused on private-equity firms as likely buyers of Disney's TV assets. Are you a Disney insider?

Persons: Bob Iger, Bob Chapek, Iger, Disney, Iger's, Peter Csathy, Tom Staggs, Kevin Mayer, Csathy, they're, He's, Paul Verna, Verna, David Heger, Edward Jones, Heger, Hulu —, it's, Dave Portnoy's Barstool, Will, Evercore, Dana Walden, Alan Bergman, Puck, Disney bigwigs, Mayer, Walden, Bergman, Reed Alexander, Lucia Moses Organizations: Disney, ESPN, Walt Disney Co, Hollywood, Creative Media, Apple, PE, Candle Media, Insider Intelligence, Hulu, LightShed Partners, Penn Entertainment, ESPN Bet, Penn, Yahoo Finance, Will Disney, ABC, Geographic, CNBC, Industry, Disney's, Parks

☆ 3 key questions Disney analysts say CEO Bob Iger faces ahead of earnings this week, as concerns mount about succession and streaming profits
▼ + stars: | 2023-08-07 | by ( Reed Alexander | Lucia Moses | ) www.businessinsider.com time to read: +11 min

Persons: Bob Iger, —, Bob Chapek, Iger, Disney, Iger's, Peter Csathy, Tom Staggs, Kevin Mayer, Csathy, they're, He's, Paul Verna, Verna, David Heger, Edward Jones, Heger, Hulu —, Will, it's, Evercore, Dana Walden, Alan Bergman, Puck, Disney bigwigs, Mayer, Walden, Bergman, Reed Alexander, Lucia Moses Organizations: Disney, ESPN, Walt Disney Co, Hollywood, Creative Media, Apple, PE, Candle Media, Insider Intelligence, Hulu, LightShed Partners, Will Disney, ABC, Geographic, CNBC, Industry, Disney's, Parks

☆ The Dance Delight in ‘Barbie’ Belongs to the Kens
▼ + stars: | 2023-07-28 | by ( Gia Kourlas | More About Gia Kourlas | ) www.nytimes.com time to read: +1 min

There’s a gorgeous scene in “Barbie” that isn’t painted the usual pink. It’s a dream ballet, stylish and clean, with steps so sleek it lets bodies — Kens, Kens and more Kens — sing. Unofficially known as the Ken dance, it’s like entering a portal to another world, where moving bodies etch trails of rotating circles and diamonds onto a gleaming surface. But the jazzy gist of the “I’m Just Ken” dance isn’t just about staggering patterns or nostalgia for old Hollywood. Plopped into Greta Gerwig’s Barbie universe, the dance is more than a dance: It’s an emotional release.

Persons: “ Barbie, —, Ken, Busby Berkeley, Ken ”, Plopped, Greta Gerwig’s, Gene Kelly, Margot Robbie, Barbie Organizations: Hollywood

☆ Amazon's Whole Foods to triple shelf space for vertical farmer Bowery
▼ + stars: | 2023-07-25 | by ( Ophelia Anwah | ) www.cnbc.com time to read: +3 min

Bowery, a vertical farming company that grows crops indoors, is getting more shelf space at Amazon 's Whole Foods, with a deal to triple the stores stocking its salad kits. Currently, Bowery's salad kits and a selection of greens are carried at 50 Whole Foods Market stores in the Northeast. The deal comes amid challenges for both vertical farming and Amazon's efforts to expand its grocery footprint. The vertical farming industry, meanwhile, has been under pressure, like many formerly high-flying, heavily VC-funded startup niches. According to PitchBook, through the first quarter of 2023, vertical farming deals declined by 91% year-over-year.

Persons: Matt Williams, Zesty Caesar, Balsamic Vinaigrette, romaine, Andy Jassy, Jassy Organizations: Foods, Bowery, CNBC, Walmart, Albertsons, Westside, FreshDirect, Amazon Locations: Northeast, Westside Market, Brooklyn, East Coast, Florida, Virginia, Tennessee , North Carolina, Charlotte, Atlanta, Jacksonville, Miami

☆ Bob Iger says Disney's TV and cable business 'may not be core' and leaves the door open to a sale
▼ + stars: | 2023-07-13 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Disney's Bob Iger said the company's TV and cable businesses may not be core. Disney's no-growth TV and cable businesses "may not be core" to the company and it will be "expansive" about how it treats them, CEO Bob Iger said. Iger said that while cable TV had declined faster than he expected, Disney's parks business is doing well, the studio business has been successful, and streaming has a bright future. There's been industry speculation that Disney might sell ESPN; Iger stressed that Disney was committed to the business. On recent box office misses in Pixar's "Elemental" and "The Little Mermaid," Iger acknowledged Disney's zeal to grow its streaming business contributed to some "disappointments."

Persons: Bob Iger, Iger's, Iger, he's, We've, There's, supercharging Organizations: Disney, Hulu, ESPN, Morning, CNBC, WGA, SAG

☆ Opinion | How to Stave Off Constitutional Extinction
▼ + stars: | 2023-07-01 | by ( Jill Lepore | ) www.nytimes.com time to read: +5 min

From the very start, Americans proposed amendments. The U.S. Constitution was itself an act of amendment, written in 1787 because the Articles of Confederation were technically amendable but, for all practical purposes, not. What would be the national disgrace if … a vile Negro should come to rule over us?” These possibilities were, to Brackenridge, absurd. The rejected Supreme Court nominee Robert Bork once explained how originalists think about the Constitution and the historical record. Mecom’s biblical plea for nonviolence, for beating swords into plowshares, can be read as the constitutional preference of a constituency — women — unrepresented at the convention.

Persons: Lemuel Haynes, “, George Mason, Hugh Henry Brackenridge, Brackenridge, Robert Bork, George Washington, Martha, ” Bork, George, Jane Franklin Mecom, Benjamin Franklin, ”, — unrepresented Organizations: Continental Army, Massachusetts, Constitution, United, New York State Locations: Independence, Massachusetts, U.S, Philadelphia, Virginia, United States, New

☆ Highlights of the Student Loan Forgiveness Opinions and Dissent
▼ + stars: | 2023-06-30 | by ( Charlie Savage | ) www.nytimes.com time to read: +1 min

The Supreme Court on Friday struck down the Biden administration’s massive student loan forgiveness program, ruling that the Education Department had exceeded the authority granted to it by Congress to alter loan conditions in a national emergency like the coronavirus pandemic. The ruling was six to three, with the court’s Republican-appointed conservative majority delivering a major setback to President Biden’s policy agenda over the vigorous dissent of its three Democratic-appointed liberal justices. Here are some key excerpts. A central part of the dispute was how expansively to interpret a provision of the Higher Education Relief Opportunities for Students Act of 2003, or HEROES Act, in which Congress said that the secretary of education “may waive or modify” any provision of federal student loan programs in a declared national emergency. In the majority opinion, Chief Justice John G. Roberts Jr. wrote that the Biden administration had stretched the words too far.

Persons: Biden’s, John G, Roberts, Biden Organizations: Biden, Education Department, Republican, Democratic, Higher Education

[1/2] Russia's President Vladimir Putin and U.S. President Donald Trump attend a meeting on the sidelines of the G20 summit in Osaka, Japan June 28, 2019. "I want people to stop dying over this ridiculous war," Trump told Reuters in a telephone interview. As president, Trump developed friendly relations with Putin, who Biden said on Wednesday has "become a bit of pariah around the world" for invading Ukraine. Trump said Putin had been damaged by an uprising by the Russian mercenary force, the Wagner Group, and its leader Yevgeny Prigozhin, last weekend. As president, Trump adopted a tougher stance on China while claiming a good relationship with Chinese President Xi Jinping that soured over the coronavirus pandemic.

Persons: Vladimir Putin, Donald Trump, Mikhail Klimentyev, Putin, Trump, they've, Joe Biden, Volodymyr Zelenskiy, Biden, Yevgeny Prigozhin, he's, you'll, Xi Jinping, they'd, They'd, Steve Holland, Nathan Layne, Kanishka Singh, Ross Colvin, Grant McCool Organizations: U.S, Sputnik, REUTERS, WASHINGTON, Former U.S, Reuters, Russian, NATO, Wagner Group, International, Thomson Locations: Osaka, Japan, Kremlin, Former, United States, Russia, Ukraine, China, Chinese, Cuba, U.S, Kyiv, Russian, Beijing, Taiwan

[1/3] A person walks past a show venue of stand-up comedy company Xiaoguo Culture Media Co that has closed its business, in Beijing, China May 19, 2023. "Stand-up comedy has been the last bastion in which people ... can still enjoy entertaining commentary about public life," said Beijing-based independent political analyst Wu Qiang. "After this, the space for stand-up comedy and public expression in general will inevitably keep shrinking." China's comedy scene rose quickly during the COVID-19 pandemic as people spent more time indoors watching viral streamed comedy shows. The most popular were produced by Xiaoguo Culture Media Co, the firm at the centre of the current uproar.

☆ After a ‘Kill Shot’ to the Eye, a Wrestler Restarts His Life
▼ + stars: | 2023-05-18 | by ( Jeré Longman | ) www.nytimes.com time to read: +2 min

After being stabilized in late September 2018, Rich was flown to Philadelphia, where he entered a rehab facility for nearly two months. During the pandemic, when Rich could not attend rehab indoors, Gina improvised at home. She and her husband also lugged foam mats to parks around Philadelphia so that Rich could continue to work with his physical therapist. “She’s really gone to war for me, which I’m so grateful for,” Rich Perry said. The family has grown more hopeful over the last eight months or so, Gina Perry said.

☆ Amazon is closing certain Amazon Fresh and Amazon Go stores, suggesting that grocery hasn't been as fruitful as it hoped
▼ + stars: | 2023-02-03 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +4 min

Amazon said Thursday that it will close certain Amazon Fresh and Amazon Go stores. Critics say the focus on tech rather than retail experience in stores is putting off shoppers. Initially, via its online delivery service Amazon Fresh, then through its acquisition of Whole Foods, and more recently with the launch of its Amazon Fresh supermarkets and Amazon Go cashier-less stores. This is a less transactional shopping experience, where customers that come into stores need to be seduced into buying products. Other critics say that Amazon has made the mistake of focusing too much on the tech in stores rather than the retail experience itself.

☆ Amazon is shutting some Fresh and Go stores as the company cuts costs
▼ + stars: | 2023-02-02 | by ( Annie Palmer | ) www.cnbc.com time to read: +3 min

Amazon will also temporarily halt expansion of its line of Fresh grocery stores until it can find a format that differentiates the company's offering from others in the industry. Amazon currently operates several dozen Fresh grocery stores and 28 Amazon Go convenience stores, according to its website. The Information reported in December that a handful of built-out U.S. Amazon Fresh stores sat vacant, signaling a pullback in the company's grocery strategy. Amazon has been determined to crack the grocery segment since the launch of its Fresh grocery delivery service in 2007. Last March, Amazon announced it would slim down its physical stores portfolio by shutting all its Amazon Books, 4-star and Pop Up shops.

Amazon said Wednesday it will cut over 18,000 jobs, a bigger number than the e-retailer initially said it would be eliminating last year. The Wall Street Journal reported on the cuts earlier, which Amazon said pre-empted its planned announcement. In November, Jassy said Amazon would eliminate roles, including at its physical stores and in its devices and books divisions. CNBC reported at the time that Amazon was looking to lay off around 10,000 of its employees. “Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so,” Jassy wrote.

☆ Amazon’s 18,000 job cuts don't go far enough expect more layoffs
▼ + stars: | 2023-01-05 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Amazon 's (AMZN) plans to cut 18,000 workers is a drop in the bucket relative to its workforce of roughly 1.5 million. "They hired a huge number of people ... firing 18,000 people frankly is nothing," Jim Cramer said Thursday on CNBC. If there are more cuts ahead, the market will likely reward the stock and push it higher. Meta announced in November it was letting go of roughly 13% of its workforce , but those cuts are insufficient, too. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Amazon CEO Andy Jassy confirms company will cut over 18,000 jobs
▼ + stars: | 2023-01-04 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Amazon said Wednesday it will cut over 18,000 jobs, a bigger number than the e-retailer initially said it would be eliminating last year. "We typically wait to communicate about these outcomes until we can speak with the people who are directly impacted," CEO Andy Jassy wrote in a memo to employees that the company published on its blog. In November, Jassy said Amazon would eliminate roles, including at its physical stores and in its devices and books divisions. "Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so," Jassy wrote. Amazon plans to inform employees who will lose their jobs starting Jan. 18, Jassy wrote, noting that most cuts will come in the stores and People, Experience, and Technology (PXT) groups.

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