SEATTLE — In a year marked by drastic cost-cutting measures — from ending experimental projects to pausing grocery store growth to cutting 18,000 jobs — Amazon lost $2.7 billion in 2022, the company reported Thursday.
Amazon attributes part of that loss to its investment in Rivian, an electric vehicle startup that has struggled with production delays and market upheaval. The startup made its own job cuts Wednesday, trimming 6% of its workforce.
Chief Financial Officer Brian Olsavsky noted Amazon’s financial data for the fourth quarter — between October and December — includes $640 million in costs related to employee severance and $720 million related to the company’s evaluation of its physical grocery stores.
Amazon has paused growth for its Amazon Go and Amazon Fresh stores, and plans to close some stores as it works to refine the format, both Olsavsky and CEO Andy Jassy said Thursday. In addition to Amazon’s Go and Fresh stores, the company acquired Whole Foods in 2017.