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Amazon is more profitable than ever after a year of mass layoffs
The tech giant posted the largest quarterly operating income in its history on the back of cost-cutting and faster revenue growth in key divisions.
Amazon recorded its highest operating profit in its history in the holiday quarter of 2023, buoyed by revenue growth across all its major business lines and a year of heavy cost-cutting under the direction of CEO Andy Jassy. The record profits come as Jassy, who took over for Amazon founder Jeff Bezos in 2021, continues to put his own stamp on the tech giant, in part through heavy job cuts. Revenue from Amazon’s online retail business in North America grew 8% excluding currency fluctuations, marking the fastest growth for that segment in five quarters.
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