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☆ Amazon rallies on cloud optimism as it chases Microsoft for AI business
▼ + stars: | 2023-10-27 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

Smaller cloud rival Microsoft (MSFT.O) rose 1.5%, while Alphabet (GOOGL.O) was down about 1.3%. Amazon shares have rallied about 40% this year, but they have lost nearly 8% in the past two days after Alphabet (GOOGL.O) warned that cloud customers were curbing spending. In the July-September period, Amazon posted its first quarter-on-quarter increase in cloud growth in nearly two years. The 12.3% growth in AWS was slower than the 29% rise seen at Microsoft's (MSFT.O) Azure cloud business, which had topped market estimates. To be sure, Amazon's cloud business is larger than that of Microsoft and Google.

Persons: Pascal, Andy Jassy, Bernstein, brokerages, Morningstar, Dan Romanoff, Aditya Soni, Arun Koyyur Organizations: REUTERS, Microsoft, Amazon, Amazon Web Services, Reuters Graphics, Tech, Google, Tejas Dessai, Thomson Locations: Bengaluru

☆ Amazon shares jump as analysts praise third-quarter results
▼ + stars: | 2023-10-27 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Shares of Amazon jumped more than 6% Friday after the company released third-quarter earnings that beat analysts' estimates and showed the company's cost-cutting efforts are working. The company's net income more than tripled to $9.9 billion, or 94 cents a share, from $2.9 billion, or 28 cents a share, a year earlier. Amazon reported an operating margin of 7.8%, the highest since it reached a record of 8.2% in the first quarter of 2021. The company's operating margin for the third quarter marks a significant increase over the 2% margin it reported a year ago. Blair analysts said Amazon "handily" beat expectations for the quarter and saw real improvement in operating income growth.

Persons: Andy Jassy, Jassy, Blair, Amazon, Goldman Sachs, — CNBC's Michael Bloom, Annie Palmer Organizations: Amazon, Wall Street, Jefferies, AWS, CNBC

☆ The generative AI hype hasn't translated to cloud sales yet, as customers don't know if they should jump in. Microsoft is the one exception.
▼ + stars: | 2023-10-27 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +4 min

Microsoft and Google, the next two biggest American cloud providers, also saw cloud revenue growth rates slow this year. Microsoft Azure and other cloud services saw revenue growth of 29%, down from 35% this time last year. Wall Street has been hopeful that generative AI will provide a much-needed revenue boost for the big three cloud providers. The one exception is Microsoft, which has spent billions investing in generative AI startup OpenAI, maker of the chatbot ChatGPT. Amazon CEO Andy Jassy stressed on the earnings call Thursday that generative AI is still in its "early days."

Persons: Karl Keirstead, they're, they'd, Rishi Jaluria, Andy Jassy, Jassy, Ellen Thomas Organizations: Microsoft, Web Services, Google, UBS, Enterprises, Wall, RBC Capital Markets, Amazon Locations: Ukraine, Israel, ethomas@insider.com

☆ Amazon’s Profit Triples as Sales Show Resilience Leading Into Holidays
▼ + stars: | 2023-10-26 | by ( Sebastian Herrera | ) www.wsj.com time to read: 1 min

An Amazon same-day fulfillment facility in Richmond, Calif. Photo: Marissa Leshnov for The Wall Street JournalAmazon.com said profit tripled to nearly $10 billion from July to September as strong sales in its cloud-computing, advertising and retail units helped the company continue its rebound from postpandemic lows. Chief Executive Andy Jassy said the company would reap tens of billions of dollars in revenue in the next several years as customers turn to generative AI opportunities available within its cloud-computing business, known as Amazon Web Services, or AWS. Business customers are likely to be less cautious with their spending, he said.

Persons: Marissa Leshnov, Andy Jassy Organizations: Wall Street, Amazon Web Services, Business Locations: Richmond , Calif

☆ Amazon stock swings after a great quarter underscore our golden rule during earnings season
▼ + stars: | 2023-10-26 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Operating income increased over 340% to $11.12 billion, significantly exceeding forecasts of $7.7 billion, according to FactSet, and above the high-end of management's guidance. As a result, the operating income estimate is a more telling metric on how Amazon fared relative to Wall Street's expectations — and make no mistake, it was strong. In the Companywide part of the table, the cost of sales line-item came in above expectations at $75 billion. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: Andy Jassy, Jassy, that's, it's, Jim Cramer's, Jim Cramer, Jim, Omar Marques Organizations: Amazon, Services, Revenue, LSEG, Rivian Automotive, Management, North, CNBC, Lightrocket, Getty

☆ Amazon's profit margin nears record after CEO Andy Jassy's dramatic cost-cutting efforts
▼ + stars: | 2023-10-26 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

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. In its third-quarter earnings report on Thursday, Amazon reported an operating margin of 7.8%, the highest since it reached a record of 8.2% in the first quarter of 2021. But the world has changed since early last year, when Wall Street turned on tech and an extended bull market came to a halt. AWS revenue increased 12% in the quarter, a slower pace of expansion than what was reported by smaller rivals Microsoft Azure and Google Cloud.

Persons: Andy Jassy, Jeff Bezos, Bezos, Jassy, we've Organizations: Amazon, Seattle, Wall, Amazon Web Services, AWS, Microsoft, Google Locations: Seattle

NEW YORK (AP) — Amazon on Thursday reported strong revenue and profits from the summer months driven by growth in online sales and its advertising business. Amazon made $9.9 billion in profits, topping analysts' expectations and sending its stocks higher in after-hours trading. Amazon is also seeing strong customer demand across categories like beauty, health and personal care items, Olsavsky said. Meanwhile, Amazon's cloud competitors have delivered mixed results. Earlier this week, Microsoft reported strong revenue for its flagship cloud platform, Azure, while revenue from Google’s Cloud division fell below analysts’ expectations.

Persons: Andy Jassy, Brian Olsavsky, “, ” Olsavsky, Olsavsky, ”, Jassy, FactSet, Lina Khan Organizations: Amazon, Amazon's, Revenue, Web Services, AWS, Microsoft, Google’s, Federal Trade Commission, Big Tech Locations: San Francisco

☆ Amazon predicts bright holiday season, cloud stabilizing
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +3 min

Facing an array of challenges to its business, Amazon is trying to keep its mantle as the world's biggest cloud provider and online retailer. The U.S. Federal Trade Commission in September sued Amazon for allegedly inflating prices and wielding monopoly power, claims that Amazon has disputed. Microsoft, the second-largest cloud provider by revenue after Amazon, beat Wall Street estimates this week as its customers geared up for AI upgrades. Amazon Web Services brought in revenue of $23.1 billion, compared with analysts' expectations of $23.09 billion. For the current holiday quarter, the company forecast revenue in the range of $160 billion and $167 billion.

Persons: Gonzalo Fuentes, Long, Andy Jassy, LSEG, Akash Sriram, Anil D'Silva, Deepa Babington Organizations: REUTERS, Amazon.com Inc, Google, Microsoft, Amazon, U.S . Federal Trade Commission, Amazon Web Services, Wall, Web Services, Thomson Locations: Bretigny, Paris, France, Bengaluru

☆ Amazon's grey cloud is the new blue sky
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake Acquire Licensing RightsNEW YORK, Oct 26 (Reuters Breakingviews) - Amazon.com’s (AMZN.O) cloud business is offering a small sliver of light. The performance matches last quarter’s growth and is in-line with what analysts were expecting, according to LSEG. Alphabet, in its earnings on Tuesday, said its similar unit’s growth rate slowed. Shares in the company led by Sundar Pichai declined by a tenth in two days. It’s not exactly a cloudless sky - AWS growth is slowing relative to last year, and its growth rate is still 10 percentage points below Alphabet’s.

Persons: Andy Jassy, Mike Blake, Sundar Pichai, It’s, Jennifer Saba, Lauren Silva Laughlin, Sharon Lam Organizations: Amazon Web Services, REUTERS, Reuters, North, X, Unilever, Thomson Locations: Laguna Beach , California, U.S, It’s

☆ If Amazon, why not Walmart?
▼ + stars: | 2023-10-25 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

Shopping habits vary widely, however, and the company’s pricing strategies are commonly used, including at Walmart (WMT.N). According to the complaint, if Amazon finds a cheaper product elsewhere, it punishes the seller by removing merchandise from the “buy box,” effectively tanking sales. Thus, the argument goes, Amazon prevents rivals from competing on price. Walmart, which bought Jet.com in 2016 for $3 billion, is also just as discerning when it comes to online pricing. The agency accuses Amazon of stifling competition on price, product selection and quality, and preventing rivals from attracting a critical mass of shoppers and sellers.

Persons: Lina Khan, Andy Jassy, Walton, Jeffrey Goldfarb, Aditya Sriwatsav Organizations: Reuters, U.S . Federal Trade Commission, Walmart, Amazon, FTC, eBay, Amazon.com, Thomson Locations: United States

☆ Big Tech said return to the office. She had another solution
▼ + stars: | 2023-10-24 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +10 min

New York CNN —Big Tech has given workers an ultimatum: Come back to the office, or find a new job. However, the program risked letting all employees work from home or any other remote location. Intentional office gatheringsAhead of instituting Flex Forward, Autodesk was “rethinking our office footprint,” Blum said. For instance, Autodesk closed its San Rafael, California, office; consolidated it with the San Francisco headquarters; and started subleasing some of its office space. But, increasingly, the talent acquisition team is seeing more candidates apply for openings because they view Autodesk as “that remote company,” Pearce added.

Persons: Elon Musk, Mark Zuckerberg, Rebecca Pearce, Pearce, “ I’m, ” Pearce, ”, Steve Blum, Autodesk’s, it’s, ” Musk, Jamie Dimon, Michael Nagle, —, “, doesn’t, Andy Jassy, Jassy, don’t, ’ ”, ” Blum, Blum Organizations: New, New York CNN, Big Tech, Autodesk, Flex, CNN, Autodesk Inc, ”, Meta, JPMorgan, Bloomberg, Getty, ” Autodesk, La Nacion, “, San, Employees Locations: New York, Cornwall, England, North America, Autodesk’s Portland , Oregon, Portland , Oregon, La, Rafael , California, San Francisco, cubicles, Autodesk's Portland , Oregon

☆ College jocks earn as much as $220,000 more than their less sporty peers over their career, study shows
▼ + stars: | 2023-10-20 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

College jocks actually become more successful and wealthy than their nerdy peers, a new study finds. Turns out, sporty students earn 3.4% more in their lifetimes and bring home $220,000 more in wages. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The study found that college athletes earned 3.4% more over their careers than non-athletic students and are likely to bring home $220,000 more in cumulative wages, the report said. College athletes were even more likely to be endorsed for management, leadership, and strategic planning skills on LinkedIn, per the study.

Persons: —, NBER, –, They're, Walter Robb, Brian Moynihan, Meg Whitman, Andy Jassy, Jassy, There's, there's Organizations: National Bureau of Economic Research, Ivy League, Service, College, LinkedIn, Stanford University's, Bank of America, Brown University, Hewlett, Packard, Princeton University

☆ Amazon tells managers they can now fire employees who won't come into the office 3 times a week
▼ + stars: | 2023-10-19 | by ( Eugene Kim | ) www.businessinsider.com time to read: +7 min

Amazon is now giving managers leeway to effectively fire employees who fail to meet the company's three-times-a-week, return-to-office mandate. That's according to updated global manager guidance on Amazon's return-to-office policy obtained by Insider. The guidelines tell managers to first hold a private conversation with employees who don't comply with the three-times-a-week requirement. Giving managers the ability to fire employees for non-compliance is the strongest measure Amazon has taken over its return-to-office policy. In February, Amazon said that corporate employees would have to come into the office at least three times a week starting in May.

Persons: Amazon's, Amazon, Andy Jassy, Rob Munoz, Munoz, We'll Organizations: Amazon, Amazon's

☆ Amazon begins delivering medications by drone in Texas
▼ + stars: | 2023-10-18 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Amazon Pharmacy customers located in College Station, Texas can now have their prescription medications delivered by drone, the company announced in a blog post Wednesday. Amazon Pharmacy is a full-service pharmacy that patients can access online. In order to be eligible for drone delivery, customers in College Station, Texas will have to sign up for Prime Air and complete a yard survey. Amazon has worked on drone delivery for years, and its efforts have been met with mixed success. But despite internal changes at the company, Amazon said it has successfully delivered "hundreds of household items" to consumers in College Station since late last year.

Persons: Amazon, Andy Jassy Organizations: Amazon Pharmacy, Amazon, Prime Air, Station Locations: College Station, Texas, PillPack

"I just want to say how deeply saddened that we all are about the recent horrific attacks on Israel ... He warned that the war in Ukraine, compounded by the attacks on Israel, could have "far-reaching impacts on energy and food markets, global trade, and geopolitical relationships." On Friday, Citigroup CEO Jane Fraser included Israel in her opening remarks on the bank's earnings call. "Once someone ventures into the space of, 'who is the perpetrator and who is the victim,' you enter into the exposure of social media disinformation and risk," Kotok said. Some large companies including Apple (AAPL.O) and Walmart (WMT.N) had yet to issue statements, while some prominent personalities including NBA star LeBron James have spoken out.

Persons: JPMorgan Chase, Jamie Dimon, Albert Bourla, Jefferies, Michael Bloomberg, Goldman Sachs, Jane Fraser, Israel, Fraser, Larry Fink, David Kotok, Cumberland, Kotok, Antonio Neri, Andy Jassy, Sundar Pichai, Satya Nadella, LeBron James, Gigi Hadid, Lananh Nguyen, Aditya Soni, Stephen Nellis, Siddharth Cavale, David Gaffen, Arriana, Sayantani Ghosh, David Gregorio Our Organizations: JPMorgan, Pfizer, UBS, New York City, Bloomberg, Delta Air Lines, Citigroup, BlackRock, Cumberland Advisors, Hewlett Packard Enterprise, Amazon, Meta, Union, Google, Microsoft, Apple, Walmart, NBA, Thomson Locations: Israel, Ukraine, New York, Florida, Bengaluru

☆ The race is on for tech's 'golden goose' — the iPhone of the AI era
▼ + stars: | 2023-10-08 | by ( Aaron Mok | ) www.businessinsider.com time to read: +9 min

Some tech leaders see the gadgets as the iPhone of the AI era, a way to own the hardware we use to interact with AI. A true iPhone successor could be tech's "golden goose," but past attempts have failed. The race is on as generative AI tools like ChatGPT, OpenAI's conversational AI chatbot, take the world by storm. Even though he said AI hardware innovations represent "the golden goose for tech players in the next decade along with software," he doesn't think all of them will be successful. AdvertisementAdvertisementYet, despite AI's impressive capabilities, Haigh said that smartphones may still be easier to use for the average consumer than AI devices, which means that AI personal devices may take awhile to gain public interest.

Persons: —, Mark Zuckerberg, Meta's Ray, Zuckerberg, Victor Virgile, Imran Chaudhri, @ImranChaudhri, knEBVdC7zl, 3vvbPVAFsS, Chaudhri, Jony, Sam Altman, Masayoshi Son, Altman, Marc Benioff, Brad Stone, Jeff Bezos, Dan Ives, Nadella, Cook, Ives, Thomas Haigh, Haigh, Siri Organizations: Service, Tech, Meta, Facebook, Apple, TED, Wedbush Securities, Big Tech, University of Wisconsin, Modern Computing, Google Locations: Milwaukee

☆ Amazon shuts down Amp live audio service
▼ + stars: | 2023-10-04 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amp, a live audio app that lets users DJ their own show, is seen on a smartphone. Amazon is shutting down its live audio service, called Amp, the company confirmed to CNBC. Amp allows users to host their own live show, where callers can join and request to speak. "We learned a lot about how live music communities interact in the process, which we are bringing to bear as we build new fan experiences at scale in Amazon Music." Amazon has made other bets in audio and entertainment, including a music streaming platform, Twitch livestreaming service and audiobooks.

Persons: Nicki Minaj, Lil Yachty, We've, Andy Jassy Organizations: CNBC, Meta, Spotify, Amazon, Bloomberg Locations: riskier

☆ Amazon dominated the first cloud era. The AI boom has kicked off Cloud 2.0, and the company doesn't have a head start this time.
▼ + stars: | 2023-10-04 | by ( Alistair Barr | ) www.businessinsider.com time to read: +11 min

There's a new stack of hardware, software, tools, and services that will power AI applications for years to come. Cloud 2.0Another key point here: Most AI developers already know how to use CUDA and Nvidia GPUs. Arguably, Nvidia has already created an AI cloud platform – as AWS once did for the Cloud 1.0 era. James Hamilton is an AWS cloud infrastructure genius who can take on Nvidia, even if the chipmaker has a major head start. Her startup spent months building a data center from scratch to help customers train AI models.

Persons: —, Jensen Huang, Nvidia Rick Wilking, Andrew Ng, CUDA, Michael Douglas, Bernstein, Douglas, Luis Ceze, Ceze, It's, Andy Jassy, Adam Selipsky, James Hamilton, Oren Etzioni, Claude, Dario Amodei, Anthropic Anthropic, Noah Berger, Sharon Zhou, Zhou, Lamini didn't, Etzioni Organizations: Amazon Web Services, Nvidia, Service, Home Depot, AWS, VMware, Cloud, Madrona Venture, Amazon, Amazon Web, Annapurna Labs, Intel, AMD Locations: San Francisco, Seattle, Selipsky

☆ Insider Today: Amazon's secret search plan
▼ + stars: | 2023-10-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

AdvertisementAdvertisementThe retail giant is overhauling its search bar with ChatGPT-like features that'll act as a sort of concierge for customers, offering expert answers and product suggestions. Dubbed Project Nile, Amazon's top leaders, including CEO Andy Jassy, view the new search bar as a top priority. AdvertisementAdvertisementHowever, Amazon's overhauled search bar will arguably be the most impactful implementation of generative AI from Big Tech for US consumers thus far. insider intelligenceIn reading Eugene's piece, three follow-up questions immediately came to mind:How will Amazon sellers try and game the new search bar? However, Joseph Sirosh serves as VP of Amazon Search and Alexa Shopping, suggesting Alexa could get a much-needed boost from the new search bar.

Persons: —, Mike Blake, Alyssa Powell, Amazon's, Andy Jassy, Eugene Kim, Joseph Sirosh, Alexa, TikTok, Ben Sun, Anu Duggal, Susan Lyne, Josh Wolfe, Matt Harris, Jillian Williams, Melissa Kwan, Sergey Brin, Brin, Hugo Herrera, Sam Bankman, Fried, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Reuters, Nile, Microsoft, Big Tech, Alexa, Amazon Search, Getty, Wall Street, BBG Ventures, Lux Capital, Apple, Bain Capital Ventures, Cowboy Ventures, Prosecutors, BET, MLB, American League and National League, Houston Astros Locations: Atlanta, Sonoma , California, New York City, San Diego, London, New York

☆ Inside Project Nile: Amazon's secret AI-powered plan to change the way you shop online.
▼ + stars: | 2023-10-02 | by ( Eugene Kim | ) www.businessinsider.com time to read: +10 min

"Project Nile is a confidential initiative wherein we're building a conversational shopping agent for Retail customers," one internal document explained. Wearing that "I love AI" t-shirt, Sirosh, VP of Amazon Search and Alexa Shopping, introduced Project Nile as a "super confidential" project. Project Nile isn't the only move Amazon has made in the popular generative AI space. For Amazon's retail side, Project Nile is one of the most important projects. Sirosh has told his team he's "staffing up very rapidly" as Project Nile is the "absolute top priority."

Persons: Joseph Sirosh, Sirosh, Stephen Lam, It's, they're, Andy Jassy, Doug Herrington, Jassy, Rohit Prasad, ChatGPT, Microsoft's Bing, Google's Bard Organizations: Amazon, Microsoft, Retail, Amazon Search, Alexa, Nile, ChatGPT, Google Locations: Anthropic, OpenAI

☆ Leaked screenshot shows Amazon is now tracking individual employee office attendance records, reversing its anonymized data policy
▼ + stars: | 2023-09-28 | by ( Eugene Kim | ) www.businessinsider.com time to read: +3 min

Amazon is now tracking and sharing individual office attendance records, a reversal of an old policy, as the company doubles down on forcing employees back into the office. Amazon employees in the US are now able to see a "Badge Report" on their own internal HR dashboard, according to a screenshot obtained by Insider. The report shows "days badged per week" data and the exact "days of week" each employee badged-in for each of the past 8 weeks. The report excludes data for non-corporate Amazon buildings, like warehouses, data centers, and 3rd party offices such as WeWork. The memo added badge data is not available to employees in Germany, France, Italy, the Netherlands, Luxembourg, Korea, or Taiwan.

Persons: Peter DeSantis, Rob Munoz, Munoz, Andy Jassy, it's Locations: Germany, France, Italy, Netherlands, Luxembourg, Korea, Taiwan

☆ Amazon hires former Microsoft product chief to oversee devices unit
▼ + stars: | 2023-09-27 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Panos Panay, chief product officer of Microsoft Corp., displays the new Surface Laptop 3 computer during a Microsoft product event in New York, U.S., on Wednesday, Oct. 2, 2019. Former Microsoft product chief Panos Panay will join Amazon later this year to oversee its devices and services unit, the company said Wednesday. Panay will replace longtime Amazon devices head Dave Limp, who announced last month he'd step down from his role in the coming months after more than 13 years at the company. Panay will start at Amazon at the end of October, and Limp will stay on to assist with the transition. Panay is joining Amazon at a precarious moment for its devices and services division.

Persons: Panos Panay, Dave Limp, Limp, Andy Jassy, Jassy's, Panos, Jassy, — CNBC's Jordan Novet Organizations: Microsoft Corp, Microsoft, Amazon, Morale, Reuters Locations: New York, U.S, Panay

☆ Amazon has a poor man’s monopoly
▼ + stars: | 2023-09-27 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

The $1.3 trillion retailer run by Andy Jassy was sued on Tuesday by the U.S. Federal Trade Commission for alleged anticompetitive practices. She rose to prominence after publishing a paper in the Yale Law Journal in 2017 titled “Amazon’s Antitrust Paradox,” which painted the e-commerce giant as a sprawling monopoly that has gone unchecked by traditional antitrust policing. But Chinese competitors like Shein and Temu, which have different cost structures, are starting to encroach on Amazon’s market. It's possible that Khan and the FTC can nail Amazon in court for behaviors that in the past have given it an exclusive edge. Follow @thereallsl on XCONTEXT NEWSThe U.S. Federal Trade Commission filed an antitrust lawsuit against Amazon.com on Tuesday, asking the court to consider forcing the online retailer to sell assets.

Persons: Andy Jassy, Lina Khan, EBITDA, Walmart’s, hasn’t, Khan, Jonathan Guilford, Sharon Lam Organizations: Reuters, U.S . Federal Trade Commission, Yale Law, Investors, Walmart, Foods, Amazon.com, Alphabet's Google, Thomson Locations: Arkansas, It’s

☆ For Amazon’s Andy Jassy, a Cleanup Job Just Got a Lot Bigger
▼ + stars: | 2023-09-26 | by ( Karen Weise | More About Karen Weise | ) www.nytimes.com time to read: +1 min

In the two years since Andy Jassy replaced Jeff Bezos as Amazon’s chief executive, he has been cleaning up after his company’s aggressive pandemic expansion and after Mr. Bezos. Mr. Jassy has reined in Amazon’s voracious warehouse growth, culled from the company’s sprawl of products and laid off thousands of employees on several of Mr. Bezos’ pet projects. The suit focused on parts of the business that took off before Mr. Jassy gained control over the retail division. The redacted complaint mentions Mr. Bezos 16 times, and Mr. Jassy only twice. Mr. Jassy joins other big tech chief executives who have taken control of enormous businesses from idiosyncratic founders at difficult moments.

Persons: Andy Jassy, Jeff Bezos, Bezos, Jassy, ”, Sucharita Kodali Organizations: Federal Trade Commission, Amazon, Street, Forrester Research Locations: Washington

"With its missionary zeal for consumers, Amazon has marched toward monopoly by singing the tune of contemporary antitrust," Khan, then 29, wrote in the Yale Law Journal. Six years later, Khan, who became the FTC's chair in 2021, is leading the agency's antitrust charge against the online retailer. The FTC's lawsuit filed on Tuesday asks a court to consider forcing the company to sell assets to stop what it said was ongoing harm to consumers. Amazon has fought back and rejected the antitrust lawsuit filed on Tuesday. "By contrast, the FTC's 2021 budget topped out at only $351 million, or slightly more than 1% of Amazon's earnings."

Persons: Lina M, Khan, Bill Nelson, Graeme Jennings, Lina Khan, Andy Jassy, Jeff Bezos, Bezos, David Shepardson, Matthew Lewis Organizations: Commerce, Science, NASA, Capitol, Rights, Federal Trade, Amazon.com, Amazon, Yale Law, FTC, Apple, Facebook, Google, Thomson Locations: Washington , U.S, United States, Washington

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