Size of failures at Amazon will be bigger along with growth
Jeff Bezos warns that Amazon will “occasionally have multibillion-dollar failures” in his annual letter to shareholders
Jeff Bezos in his annual letter to shareholders said that Amazon will be experimenting at the right scale for a company of its size and occasionally have multibillion-dollar failures.
As the company grows, he said, it only makes sense for their failures to grow at a larger scale. Bezos mentioned the creation of the Amazon Fire phone and Echo, which developed around the same time.
Amazon Fire turned out to be a failure. Amazon discontinued the phone in 2015 and took a $170 million write-off, writes CNBC.
“We were able to take our learnings (as well as the developers) and accelerate our efforts building Echo and Alexa,” Bezos said.
Bezos also highlighted his focus on global retail of which Amazon “represents a low single-digit percentage”. He described customers experience at Amazon Go, which allows customers to walk in, shop and leave the retail store without queuing, to be ‘magical’, reports Financial Express.
More Amazon news
Amazon is facing probe by US antitrust officials
The FTC is interviewing Amazon sellers as part of antitrust probe Antitrust officials have begun interviewing Amazon sellers to determine whether the e-commerce giant is using its market power to hurt competition. Federal Trade Commission investigators...
The impact of US-China tariff escalation on Amazon sales
Tariff escalation affects US-based Amazon sellers more than their competitors in ChinaThe series of tariffs imposed by the United States on Chinese goods has impacted both US and China-based Amazon vendors, but US sellers are taking a bigger hit to their...
Amazon is the favorite brand among millennials
Amazon displaces Apple as millennials' favorite brandAmazon is the favorite brand among millennials, according to a new survey from Moosylvania. The company ousted Apple from the number one spot, which held it for the past six years.It's official:...