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 satellite project is a ”$100 billion opportunity”
Amazon plans to launch thousands of Internet satellites Amazon is looking to expand its empire and Morgan Stanley believes Jeff Bezos’ ambitious satellite internet plan may become one of its most lucrative businesses. Called Project Kuiper, Amazon aims to...
Amazon Turns 25 – What Could Its Next 25 Years Look Like?
Robotics, ambient computing and space flights As Amazon celebrates its 25th birthday, robotics, ambient computing and potentially even space flight are some of the trends it could dominate. Amazon was founded 25 years ago by Jeff Bezos in his Seattle-area...
Retailers hope to capitalize on the hostility towards Amazon
Amazon rivals offer help to antitrust investigators Some of the biggest retailers in America have thrown their weight behind antitrust investigations into Amazon and Google. The Retail Industry Leaders Association (RILA), which counts Walmart, Target, and...
