"This generation of AI is the most transformative technology we've seen since the Internet, and it's enabling companies to innovate much faster than ever before (in existing market segments and altogether new ones)," Galetti wrote. "We're convinced that we need to be organized more leanly, with fewer layers and more ownership, to move as quickly as possible for our customers and business."
"The announcement that we made a few days ago was not really financially driven, and it's not even really AI-driven, not right now at least,"
"It's culture."
"Free cash flow decreased to $14.8 billion for the trailing twelve months, driven primarily by a year-over-year increase of $50.9 billion in purchases of property and equipment, net of proceeds from sales and incentives,"
Amazon will lay off approximately 14,000 employees, according to a memo from senior vice president of people experience and technology Beth Galetti. Galetti attributed the cuts to AI innovations and the need to organize more leanly, with fewer layers and more ownership to move faster for customers and business. CEO Andy Jassy described the reductions as cultural, saying they were not primarily financially driven or currently AI-driven, and emphasized being lean, flat, and fast. Other large employers also cut roles this year, including UPS (48,000) and Target (1,800). Amazon reported free cash flow decreased to $14.8 billion due to increased capital expenditures.
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