Amazon (NASDAQ:AMZN) stock is a hot topic among traders on Thursday after releasing its annual shareholder letter.
Let’s get into what AMZN stock investors need to know about that letter below!
AMZN Shareholder Letter Highlights
- Amazon CEO Andy Jassy highlights some of the changes seen over the last year at the company.
- That includes efforts to cut costs as macroeconomic situations affected the e-commerce giant.
- Among this was the shuttering of several businesses, as well as the laying off of roughly 27,000 employees.
- He also highlights the company’s work to create a robust delivery infrastructure during the pandemic.
- That resulted in its last-mile delivery service growing as large as UPS (NYSE:UPS).
- He also points out the company’s investments it has planned for 2023.
- Included in that is the expansion of the company’s international stores, which brought in $118 billion in revenue in 2022.
- Amazon also continues to focus on grocery, as well as its business segment, and its recent push into healthcare.
- To go along with that, the company says it’s making major investments in large language models (LLM) and generative artificial intelligence (AI).
- That makes sense as machine learning has become a major focus for companies these past few months.
- This came alongside a surge of interest in AI after ChatGPT went viral.
- The company plans to utilize its AWS alongside machine learning to better serve customers and partners.
AMZN stock is up 2.7% as of Thursday morning.
There’s even more stock market news traders will want to read about below!
Fortunately, we’ve got all of the hottest stock market coverage traders need to know about on Thursday! A few examples include why shares of Merck (NYSE:MRK), Alibaba (NYSE:BABA), and BigBear.ai (NYSE:BBAI) stock are moving today. You can find out more on these matters at the following links!
More Thursday Stock Market News
- Why Is Merck (MRK) Stock Up Today?
- BABA Stock Alert: SoftBank Moves to Sell Alibaba Stake
- Why Is BigBear.ai (BBAI) Stock Down 5% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
