Amazon.com Inc. is in better shape than it appears. But Andy Jassy, who succeeded founder Jeff Bezos as chief executive last July, is having a baptism of fire as a CEO few equals in the company’s modern history.
A $608 billion Amazon (2021 sales) that seemed destined to dominate global retail is now in dire need of a turnaround.
Amazon has massively overextended during the pandemic, only to find that post-pandemic consumer demand is now far short of its far greater capacity.
Amazon’s first-quarter results came as a shock to investors in April. The company declared its first quarterly loss in seven years. Revenue growth in the first quarter, at just 7 percent, was the weakest for that period in about two decades.
Amazon’s revenue actually fell three percent at its core online businesses, including its flagship online grocery store. And revenue growth at its subscription businesses, including Prime Video, slowed.
Amazon shares have plummeted more than 40 percent