Amazon's Operating Margin Soars to Nearly 8% in Q3, as Layoffs and Cost-Cutting Measures Take Affect
By : Benzinga
Published On: 2023-10-27
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Amazon's operating margin neared a record high of 7.8% in the third quarter, up from 2% in the same period last year. Jassy slashed around 27,000 jobs since last fall as part of ongoing efforts to trim costs across the company. The company is also regionalizing its shipping operations for faster yet cheaper deliveries. Amazon's advertising business continues to be a key driver of profits, with revenue growing 26% to top $12 billion in the third quarter. Jassy signaled more cost controls going forward through slower hiring, rehiring, and spending discipline in infrastructure and other non-labor areas.
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