Amazon Surges the Most Since February on Cost-Cutting Review
- E-commerce giant already has paused hiring companywide
- Positive inflation data also helps lift Amazon’s shares
Andy Jassy
Photographer: David Ryder/BloombergThis article is for subscribers only.
Amazon.com Inc. shares gained 12% on news that Chief Executive Officer Andy Jassy has embarked on a review of expenses, part of broader efforts to streamline the world’s largest e-commerce company.
Amazon said in a statement to Bloomberg News that its annual operating-plan review will have a particular focus on trimming expenses this year as it copes with a slowing economy. The Wall Street Journal reported earlier that the assessment was underway and that employees in certain divisions have been told to look for jobs elsewhere in the company because their teams are being suspended or shut down.