Amazon CEO Andy Jassy releases his letter to shareholders

Pricey Shareholders:

2024 used to be a robust yr for Amazon.

Our general earnings grew 11% year-over-year (“YoY”) from $575B to $638B. By means of branch, North The united states earnings greater 10% YoY from $353B to $387B, World earnings grew 9% YoY from $131B to $143B, and AWS earnings greater 19% YoY, from $91B to $108B. For standpoint, simply 10 years in the past, AWS earnings used to be $4.6B; and in that very same yr, Amazon’s general earnings used to be $89B.

Amazon’s running source of revenue in 2024 advanced 86% YoY, from $36.9B (an running margin of 6.4%) to $68.6B (an running margin of 10.8%). Independent Money Current, adjusted for apparatus finance rentals advanced from $35.5B in 2023 to $36.2B.

Excluding the monetary effects, we made our shoppers’ lives meaningfully higher and more uncomplicated. In our Shops industry, we considerably expanded variety, endured decreasing costs (distant analysis company, Profitero, discovered Amazon the lowest-priced on-line U.S. Store for the 8th yr in a row), and for the second one yr in a row, we shipped at document pace to our Top participants. AWS introduced a slew of fresh infrastructure and AI products and services that assemble it even more uncomplicated to assemble important visitor reports, together with our unedited customized AI silicon (Trainium2), a fresh eager of frontier foot fashions in Amazon Nova, and critical enlargement of to be had fashions and lines in our chief Generative AI (“GenAI”) products and services Amazon SageMaker and Amazon Substructure. Top Video endured to do business in compelling fresh presentations, together with fresh seasons for Fallout, Reacher, The Boys, and The Lord of the Rings: Rings of Energy, motion pictures like Street Space, The Thought of You, and Purple One, are living sports activities like Thursday Evening Soccer and UEFA Champions League in Europe (with the NBA and NASCAR coming in 2025), and fresh variety, highlighted via Apple TV+ becoming a member of Top Video Channels. We introduced a line of fresh Kindle gadgets that incorporated a fresh colour model, a bigger Scribe possibility, and our quickest Paperwhites ever (the choice of which drove the best Kindle unit gross sales for a unmarried quarter in over a decade). And, we endured so as to add extra variety, charge transparency, and similar future transport for Amazon Pharmacy.

Those accomplishments are a subset of what the group introduced in 2024, however constitute a dozen of invention, arduous paintings, and considerate execution throughout Amazon. I’m grateful for my teammates and their supply this month yr (a few of which you’ll be able to see in our 2024 effects, others of which received’t be optic for the nearest few years).

A Why Tradition
Each and every yr in my annual letter, I struggle to proportion perception into what makes Amazon tick. On the best degree, we’re aiming to be Earth’s maximum customer-centric corporate, making shoppers’ lives higher and more uncomplicated each and every future. This isn’t simple to do usually, let rejected yr nearest yr. In reality, it’s in reality rather arduous, particularly with the speedy price of exchange in era, visitor conduct, and fresh merchandise from huge and little corporations related. If we wish to have a prospect at succeeding in our project, we need to continuously query the whole lot round us.

We’ve had this long-held philosophy at Amazon about two-way and one-way door selections. A two-way door choice is one the place in case you get the verdict unsuitable, you’ll be able to advance again thru that door, revert to the place you have been, and there are few (if any) ramifications. You’ll be able to assemble those selections temporarily and in the neighborhood. A one-way door choice is one the place it’s rather tough (if no longer inconceivable) to advance again thru that door in case you get the verdict unsuitable, so those selections are made extra methodically. However, either one of those constructs suppose the door is unlocked. A dozen of invention is ready seeking to distinguishable doorways that experience traditionally gave the impression bolted close. And, over the month 30 years, we’ve discovered one of the vital impressive keys to free up those doorways has been a easy query: “Why?”

“Why does this customer experience have to be this way?” “Why can’t it be better?” “What are the constraints—why must we accept them?” “Why can’t we invent around that?” “Why will it take so long to get to customers?” Why?

My Dad has informed me that I used to be the type of child who stored asking why, in all probability to an tense extent. He’s additionally jogged my memory how in a while nearest I joined Amazon in 1997, he attempted to influence me to paintings someplace extra conventional (and at the east coast nearer to folk)—simplest to understand that I’d already discovered the easiest have compatibility.

That’s as a result of Amazon is a Why corporate. We ask why, and why no longer, continuously. It is helping us deconstruct issues, get to root reasons, perceive blockers, and free up doorways that may have prior to now gave the impression impenetrable. Amazon has an surprisingly top quotient of this WhyQ (let’s name it “YQ”), and it frames the best way we take into consideration the whole lot that we do.

Founding in 1995, we requested why can’t we do business in shoppers each and every in-print secure?

Later, we requested, why restrict ourselves to in-print—why can’t we additionally do business in each and every out-of-print secure?

Why no longer do business in each and every secure, ever written, in any language—all to be had inside of 60 seconds on a tool that’s sunny and suits within the palm of your hand (Kindle)?

Once we do business in opinions, why should all of them come from skilled “experts?” Consumers are stunning assets and might be brutally fair. Why no longer come with visitor opinions even supposing they from time to time dissuade a purchase order?

Why no longer do business in greater than Books? What about Tune, Video, Electronics, Gear, Kitchen, Attire, House Furniture?

Why no longer nearly the whole lot?

Why must we be the one dealers of these things? Hundreds of thousands of third-party traders and little dealers do business in homogeneous or distinctive pieces. Why no longer let shoppers make a selection the choice, charge, and supply pace they like from amongst those thousands and thousands of dealers?

Then suffering for a pair years to develop consciousness for dealers’ variety, we requested ourselves why no longer display their variety at the similar product trait pages as our first-party variety (the place all of the site visitors used to be)?

Why no longer permit our dealers to additionally pack pieces in our success community, allow the ones pieces to have rapid, Top supply, and satisfy the ones pieces for dealers (a program known as Achievement via Amazon)?

Why no longer experiment with related ads in our pack to reveal shoppers to fresh dealers and pieces (as opposed to simplest what our algorithms may floor in keeping with month purchases)?

Why does each and every corporate want their very own capital-intensive datacenters and infrastructure? Why must each and every construction group book reinventing products and services like compute, reserve, database, and analytics? Why must developers spend 80% in their era at the undifferentiated fat lifting vs. their distinctive visitor enjoy? Why no longer assemble a suite of products and services (AWS) to resolve that for interior and exterior developers?

Why do I’ve to shop for a bodily video to observe a film? Why do I would like cable or straight TV to observe wonderful TV presentations (Top Video)?

Why can’t I am getting my Top transport advantages on alternative internet sites than simply Amazon (Purchase with Top)?

I will advance on. However, you get the theory. Each and every this kind of Whys have ended in important invention, and each and every one among them have made shoppers’ lives higher and more uncomplicated. A few of these appear open now. However on the era, those have been provocative questions that required interest, risk-taking, experimentation, and patience to assemble those into luck tales.

Enabling a Why Tradition
If you happen to imagine having top YQ is important to inventing for purchasers, how do you allow it? In my view, it’s no longer solved with one mechanism. It must be constructed deeply into your tradition and management group, and needs to be fiercely secure over era in case you’re fortunate plethora to achieve success. Listed here are some of the methods we make use of.

Build management rules that eager the sound. We’ve 16 Management Ideas that information our conduct. They’re all integral underpinnings to our YQ, however I’ll contact on 3 particularly:

Are Proper a Dozen
“Leaders are right a lot. They have strong judgment and good instincts. They seek diverse perspectives and work to disconfirm their beliefs.”

Once we first instituted this management idea, some community incorrectly assumed it supposed that the most productive leaders have been those whose concepts have been selected (i.e. they have been proper, a dozen). It led to a couple community overly digging in and combating for his or her concepts. There’s not anything unsuitable with pushing for what you imagine. However, in my enjoy, the most productive leaders wish to listen others’ perspectives. They don’t wilt or bristle when challenged; they’re intrigued. Efficient leaders exchange their minds when introduced with fresh compelling data (which makes it ironic how community brush aside politicians as “flip-floppers” once they exchange their place). In the end, leaders are liable for attending to the most productive resolution for purchasers, without reference to whose fresh concept is selected.

Be informed and be Curious
“Leaders are never done learning and always seek to improve themselves. They are curious about new possibilities and act to explore them.”

Within the just about 28 years I’ve been at Amazon, the most important extra within the relative expansion of businesses and people has been their flair to be told. At a definite level, some leaders appear to lose their yearn to be told. It’s arduous to understand the rationale in every case, nevertheless it’s as though some community to find it too hard, too time-consuming, or too threatening not to have all of the solutions. Regardless, the future we ban finding out at Amazon is the future we threat undermining what we’re in a position to constructing going forward. Folk with top YQ are all the time curious how they can improve, grow to be wiser, and incorporate their fresh wisdom into higher visitor reports.

Have Spine; Refuse and Dedicate
“Leaders are obligated to respectfully challenge decisions when they disagree, even when doing so is uncomfortable or exhausting. Leaders have conviction and are tenacious. They do not compromise for the sake of social cohesion. Once a decision is determined, they commit wholly.”

We don’t simply empower community to problem one some other, we obligate them to take action in the event that they no. Wondering, asking the arduous questions, forcing the dialogue (as opposed to silently considering a mistake is being made) is vital to getting to raised solutions for purchasers. “I told you so” has negative foreign money at Amazon. It’s additionally impressive to concentrate on the second one a part of this management idea: no and dedicate. Era positive debate turns out to be useful; some time, groups wish to assemble a call and snatch motion. From that time on, everyone—even those that advocated for a unique answer than the only selected—should dedicate to creating that call a luck. That implies the group is going all in—negative pocket-vetoing nor hedging between alternative choices. That’s the one approach we will be able to saving pace and self assurance that if a subject is closely debated, the group will in the long run snatch in combination.

Build norms that help the Why. Alike to how our Management Ideas information our conduct, we’ve constructed norms through the years that information how we paintings. Listed here are a couple of examples:

Narratives. We prevented presenting data to every alternative within the corporate by way of powerpoint in 2004. Given how top degree powerpoints are, we discovered that powerpoint used to be simple for the presenter to arrange, however tougher for the target market to know the substantive problems. In lieu, we moved to writing narratives with a most of six pages within the frame. Narratives are tougher for the presenter (it’s arduous to jot down a considerate six-page record that highlights the important thing problems in plethora trait to be parched and sunlit), however a lot more uncomplicated for the target market to interact with and ask the suitable Why questions.

Operating backwards paperwork. Once we assemble products and services or options, prior to we commence coding, we incrible Press Loose and Incessantly Requested Questions (“FAQ”) paperwork. The Press Loose is meant to safeguard that what we’re proposing constructing is important to shoppers (so we don’t get to forming and ask “wait, why did we think customers would find this interesting?”). And, the FAQ is designed to power ourselves to invite the arduous questions on which shoppers will usefulness this capacity, what they’ll like maximum, what they’ll be maximum disillusioned with, why are we drawing the forming sequence the place we’re, why is it higher than tide possible choices, how must we take into consideration pricing, what pricing dimensions we propose, and why have we made the architectural selections we now have. The Press Loose and FAQ are how we paintings backwards from shoppers, and the way we push ourselves to invite questions shoppers would in the event that they have been in those conferences.

Be in combination each time imaginable. There are lots of paths that may manage to leap forward innovation. On occasion, a lone bright comes up with a magnificent concept, and everybody else merely executes it. Era that may paintings, it’s no longer how we in most cases function. Amazon invention is deeply collaborative. It begins with a seed of an concept, next a gaggle of canny, mission-driven community refine, problem, and assemble on it in combination. And, we’ve discovered that this procedure is way more efficient in individual than far flung. After all, you’ll be able to invent with everyone far flung (and a few cultures appear to favor that). Then again, in my enjoy, it doesn’t examine to being in the similar room. The power, the year, the spontaneous brainstorming, the willingness for community to leap in, the best way concepts evolve in actual era, and the post-meeting iteration is far better when in the similar room—and yieldings higher results for our shoppers and groups. With what’s going down in AI presently, and the chance that each and every visitor enjoy we’ve ever identified might be reinvented, there hasn’t ever been a extra impressive era, in my view, to optimize to invent properly.

Tolerating messy conferences. It’s arduous to “schedule” innovation. You’ll be able to’t secure 60 mins to invent Amazon Top, or AWS, or Alexa+, or Achievement via Amazon, or Regionalization in our Achievement Community, or Challenge Kuiper. Those innovations are borne out of any person asking why we will be able to’t exchange what’s imaginable for purchasers, and next they tackle a date of their very own, steadily meandering unwell more than one lifeless ends prior to attending to a last vacation spot. This may trouble some regimented people. However, after we’re inventing, we settle for the method being fantastically imperfect.

Perform like a startup (in our case, the sector’s greatest startup). We try to function like the sector’s greatest startup. What does that heartless?

First, no matter we’re considering constructing needs to be fascinated with fixing an actual visitor disorder or meaningfully bettering a visitor enjoy. Corporations can get off observe prioritizing era as a result of they’re occupied with the era. Superior startups are on a project to modify what’s imaginable for purchasers.

2nd, we now have a disproportionate want for developers. Those are inventors. They’re community continuously dissecting visitor reports, even ones that appear lovely just right these days, and asking why they may be able to’t be higher. They’re divinely discontent (perhaps annoyingly so for group participants pleased with what they’ve prior to now constructed), and not really feel just like the activity is completed.

3rd, we wish house owners. Some of the strengths of Amazon over the primary 30 years is that we’ve leased actually canny, determined, ingenious, progressive community who’ve been stunning house owners. And, that implies that our teammates are continuously asking themselves, “What would I do if this was my own money?” “What would I do if I started this company and I was the majority owner?” “Hey, I know I’ve only been asked to own a part of this project, but I’m not sure if the other parts are being driven well—should I stick my nose into this and make sure or just trust somebody’s got it?” Homeowners really feel responsible. They aid deeply concerning the detail and effectiveness of what they personal, and think about the corporate’s project as their project (we wish missionaries, no longer mercenaries). That’s a part of what our attempt to extend the ratio of particular person participants as opposed to managers is ready. We would like flatter organizations the place our house owners doing the paintings really feel like they personal the two-way door selections (which might be the gigantic majority), can journey swiftly, and are absolutely answerable for fixing the Whys in their visitor reports.

Fourth, pace disproportionately issues for each and every industry, in each and every business, always. It’s a fraudelant binary to argue that you’ll be able to journey rapid or ship top requirements. If you wish to be rapid, you’ll be able to be rapid, and nonetheless be top detail. We’ve executed it for a few years (regardless that we will be able to nonetheless be sooner). Pace is a management choice. The management group has to imagine it’s a concern, enhance it continuously, prepare and take away structural obstacles, and assemble in modular ways in which allow year. However, pace does no longer occur except all the corporate and tradition include it. We’ve this chronic feeling, during the corporate and in each and every industry during which we function, that there are ultimate home windows throughout us. We function in fiercely aggressive marketplace areas, with extremely gifted, well-funded, progressive corporations at each and every flip. Consumers are all the time on the lookout for one thing higher. We spend a dozen of era figuring out learn how to free up those reports for them as temporarily as imaginable, and know if we don’t, any person else will.

Differently to achieve pace is to do away with paperwork. There’s a extra between procedure and paperwork. Whilst you’re operating one thing at scale, you wish to have mechanisms to bring the suitable enjoy and loyal growth for purchasers. Then again, as corporations develop and upload extra managers, non-essesntial processes get layered on that upload slight worth. Terminating fall, I requested teammates around the corporate to ship me paperwork examples that they have been experiencing. I’ve gained nearly 1,000 of those emails, and browse each and every unmarried one. Developers dislike paperwork. It slows them unwell, frustrates them, and helps to keep them from doing what they got here right here to do. As leaders, we don’t all the time see the crimson tape buried deep in our organizations, however we will be able to certain as heck do away with it after we do. We’ve already remodeled 375 adjustments in keeping with this comments. We wish to journey rapid, and we’re dedicated to rooting out paperwork that ties up era and dispirits our teammates.

5th, you need to be scrappy. As companies be successful and get better, they from time to time disregard how issues were given began. We constructed Amazon Easy Vault Provider (S3) with 13 community; Amazon Elastic Compute Cloud (EC2) with 11 community. Managers can confuse themselves that easy methods to develop and get forward is to acquire huge groups. Traditionally, we’ve had sessions the place we’ve allowed this considering to book sway. However, it’s no longer the best way we essentially take into consideration constructing groups and merchandise, and feature adjusted to mirror that once more. Our absolute best leaders get probably the most executed with the least choice of assets required to do the activity. They delight themselves on being incline.

6th, you need to be keen to snatch dangers. This sounds more uncomplicated than it’s. You want sharp plethora community to spot profitable bets. And you probably have those ingenious, progressive developers with top requirements, they’re no longer impaired to failure. They think exterior (and perhaps interior) ridicule awaits them in the event that they struggle one thing very other that doesn’t determine. So, community steadily play games it preserve. However, you’ll be able to’t succeed in one thing strange for purchasers via taking part in “not to lose.” In case your Whys snatch you unwell an invention trail that delivers an enjoy that doesn’t appear to be what’s been executed prior to, let visitor obsession be your compass. You hardly ever, if ever, exchange the sector via doing the similar factor as everyone else.

And in the end, you need to aid maximum about turning in compelling effects for purchasers. It’s no longer how charismatic you might be. It’s no longer whether or not you’re actually just right at managing up or sideways. What issues is what we in reality get executed for purchasers. That’s what we wish to praise.

Later future Whys
Era the group and I believe rather constructive concerning the move and attainable of our present companies, we now have enough of fresh Whys we’re asking. Underneath are a couple of of them and a few fast ideas.

Why is AI so impressive? Will it actually have as a lot affect as some declare and when?
Generative AI goes to reinvent nearly each and every visitor enjoy we all know, and allow altogether fresh ones about which we’ve simplest fantasized. The early AI workloads being deployed focal point on productiveness and value avoidance (e.g. customer support, industry procedure orchestration, workflow, translation, and so on.). That is preserve corporations a dozen of cash. An increasing number of, you’ll see AI exchange the norms in coding, seek, buying groceries, private assistants, number one aid, most cancers and drug analysis, biology, robotics, field, monetary products and services, group networks—the whole lot. A few of these gardens are already optic speedy move; others are nonetheless of their infancy. However, in case your visitor reports aren’t making plans to leverage those clever fashions, their skill to question immense corpuses of information and temporarily to find your needle within the haystack, their skill to book getting smarter with extra comments and information, and their hour agentic functions, you are going to no longer be aggressive. How quickly? It received’t all occur in a yr or two, however, it received’t snatch ten both. It’s transferring sooner than nearly anything else era has ever noticeable.

OK, I purchase AI is bulky; however why make investments this a lot this temporarily?
Basically, in case your project is to assemble shoppers’ lives higher and more uncomplicated each and every future, and also you imagine each and every visitor enjoy might be reinvented via AI, you’re going to speculate deeply and widely in AI. That’s why there are greater than 1,000 GenAI programs being constructed throughout Amazon, aiming to meaningfully exchange visitor reports in buying groceries, coding, private assistants, streaming video and song, promoting, healthcare, studying, and residential gadgets, to call a couple of. It’s additionally why AWS is instantly creating the important thing primitives (or constructing blocks) for AI construction, corresponding to customized silicon AI chips in Amazon Trainium to serve higher price-performance on coaching and inference, extremely versatile model-building and inference products and services in Amazon SageMaker and Amazon Substructure, our personal frontier fashions in Amazon Nova to serve lower price and latency for purchasers’ programs, and agent inauguration and control functions.

There may be considerable capital funding required. In AWS, the quicker call for grows, the extra datacenters, chips, and {hardware} we wish to procure (and AI chips are a lot more pricey than CPU chips). We spend this capital in advance, despite the fact that those belongings are helpful for a few years (on the subject of datacenters, for a minimum of 15-Two decades). We simplest get started monetizing this capital funding many months nearest we spend the capital, and over a few years—which results in sexy long-term FCF and ROIC (as community have noticeable in AWS over the utmost a number of years). However during periods, like now, of surprisingly top call for (our AI earnings is rising at triple digit YoY percentages and represents a multi-billion-dollar annual earnings run price), you’re deploying a dozen of capital. We proceed to imagine AI is a once-in-a-lifetime reinvention of the whole lot we all know, the call for is not like anything else we’ve noticeable prior to, and our shoppers, shareholders, and industry might be well-served via our making an investment aggressively now.

Why do chips and AI should be this pricey for purchasers?
AI does no longer should be as pricey as it’s these days, and it received’t be going forward. Chips are the most important wrongdoer. Maximum AI to week has been constructed on one chip supplier. It’s dear. Trainium must assistance, as our fresh Trainium2 chips do business in 30-40% higher price-performance than the tide GPU-powered compute circumstances usually to be had these days. Era mannequin coaching nonetheless accounts for a huge quantity of the entire AI spend, inference (which might be the predictions or outputs of the fashions) will constitute the vast majority of hour AI price as a result of shoppers educate their fashions periodically, however put together inferences continuously in large-scale AI programs. Inference will grow to be some other constructing forbid provider, in conjunction with compute, reserve, database, and others. We really feel robust urgency to assemble inference more economical for purchasers. Extra price-performant chips will assistance. However, inference may even get meaningfully extra environment friendly within the nearest couple of years with enhancements in mannequin distillation, recommended caching, computing infrastructure, and mannequin architectures. Decreasing the associated fee according to unit in AI will unharness AI being impaired as expansively as shoppers need, and likewise manage to extra general AI spending. It’s like what came about with AWS. Revolutionizing the price of compute and reserve fortuitously ended in lower price according to unit, and extra invention, higher visitor reports, and extra absolute infrastructure spend.

Why have private assistants no longer but taken off? How can Alexa assistance?
A stunning private colleague can resolution nearly any query and get issues executed in your behalf. There were negative virtual answers that may do each but. This is, till Alexa+ arrived. Alexa+ is not just comparably clever to the chief chatbots, however can snatch a enough of actual movements for you. She will be able to play games song, play games video, journey media from one among your gadgets to some other, eager alarms and timers, regulate your canny house, series throughout loads of thousands and thousands of ecommerce pieces, assemble reservations for eating places or Ubers, series live performance tickets, warn you when your favourite artist pronounces a excursion, discover a plumber to recovery your sink, and memorize no matter you’ve executed on Amazon. That is lovely game-changing for customers, and only the start of what Alexa+ will do. We’ve over 600 million Alexa gadgets in the market these days, and be expecting Alexa+ to play games an much more necessary position within the lives of those loads of thousands and thousands of shoppers going forward.

Why can’t we get pieces to shoppers even sooner? Does it subject?
Each and every yr, community ask whether or not we’ve reached the legislation of diminishing returns on pace of supply. Our information presentations this to not be the case. Once we agreement sooner supply occasions, shoppers whole purchases at a meaningfully upper price and store with us extra ceaselessly. Amazon Top began with limitless, detached, two-day supply for one million merchandise; it’s now grown to over 300 million pieces, with tens of thousands and thousands to be had in a single future (or higher). Increasingly deliveries occur similar future. This pace growth is basically because of our regionalization redesign of our success community, our fresh placement algorithms, and the advent of our leading edge same-day success facilities. Even if we’ve eager pace data for 2 consecutive years, we’re nonetheless honing those inventions, and feature others deliberate. And, don’t disregard Top Breeze, our drones that can get pieces to shoppers within an presen. We aren’t executed bettering pace.

Why can’t community in little cities experience the similar rapid supply speeds as community in towns?
As some alternative corporations are leaving behind small-town shoppers because of price to provide, we’re going the alternative approach—we’re making an investment to provide our rural shoppers even higher. We’ve already expanded Identical-Past and In a single day Supply to dozens of smaller towns and cities around the U.S., with extra coming. This enlargement will serve even sooner Amazon supply speeds for lots of thousands and thousands of shoppers, in particular in much less densely populated gardens, enabling us to bring over one thousand million applications every yr to shoppers residing in 13,000 zip codes spanning 1.2 million sq. miles.

Similar, why can’t we assistance the loads of thousands and thousands of community with out broadband connectivity?
There are about 400-500 million families world wide, maximum in little, rural cities that don’t have get admission to to broadband connectivity. They may be able to’t leverage the Web to be told, store, do industry, get admission to leisure, and be in contact the similar approach community snatch without any consideration in larger towns. This virtual divide is what Challenge Kuiper, our low Earth orbit satellite tv for pc community, targets to resolve. We’re simply launching our first manufacturing satellites, and can in the long run have over 3,200 in orbit over the nearest few years. Era capital-intensive to forming, we imagine Kuiper might be a significant running source of revenue and ROIC industry for us.

Why does healthcare should be so traumatic?
Healthcare, particularly within the U.S., is rather irritating. It’s arduous to get rapid appointments with number one aid physicians, steadily tougher with experts. There’s a dozen of ready round. Physicians spend just a few mins with sufferers. Later, sufferers need to force someplace (steadily no longer near) to get their fixes. And, once they get to the drugstore, they’re steadily shocked via the pricing, what’s lined via their insurance coverage, and what you’ll be able to simply get admission to that’s no longer at the back of a locked shelf. Consumers deserve higher. It’s why you notice such sure visitor sentiment and expansion for Amazon Pharmacy and Amazon One Clinical, and we proceed to iterate temporarily on variety and transparency for Amazon Pharmacy, and bodily health center capability for One Clinical.

Those are one of the crucial Why questions we’re asking ourselves presently, and I’m occupied with the hour innovations to come back. We’re no longer committing to be bored any era quickly.

Once I first set to work, I believed it used to be unfathomable that my Dad labored on the similar park for 45 years. How may that be? That’s see you later. I impaired to inform my buddies that will by no means be me. Now, with nearly 28 years and counting at Amazon, I’ve to reply to those self same buddies with their very own Why query.

Then some of these years, why are you continue to at Amazon?

I’m clearly a Superfan, however there are a lot compelling portions to operating at Amazon. First, I’m no longer certain that any corporate prioritizes shoppers as relentlessly as we do. Numerous corporations say they’ll; few observe thru. 2nd, it’s difficult to discover a corporate the place you’ll be able to assemble a larger affect at the international than you’ll be able to at Amazon. 3rd, we assemble important long-term investments and bets in each innovations and community. This permits our groups to iterate on concepts, and assemble the suitable long-term selections for purchasers and the corporate. And, I’ve by no means encountered a extra clever, ingenious, progressive, hungry, hard-working, and missionary workforce of teammates than we now have at Amazon. In my view, it is a important eager of qualities to have at an organization. And, for developers who wish to exchange the sector, and who’ve hearth of their abdominal, there’s negative higher park to be than Amazon.

We function like the sector’s greatest startup in huge phase as a result of our tradition of Why. We don’t all the time get the whole lot proper, and we be informed and iterate like distracted. However, we’re continuously opting for to prioritize shoppers, supply, invention, possession, pace, scrappiness, interest, and constructing an organization that outlasts us all. It left-overs Past One.

Sincerely,

Andy Jassy
President and Government Officer
Amazon.com, Inc.

P.S. As we now have all the time executed, our fresh 1997 Shareholder Letter follows. What’s written there’s as true these days because it used to be in 1997.