Staggering numbers stood out in Amazon founder Jeff Bezos’ final shareholder letter as CEO, in Thursday's posting, citing the e-commerce pioneer’s revenue growth, employee expansion and towering stock price rise from its opening $18 per share valuation when it went public almost 12 years ago. Bezos will soon transition to executive chairman, relinquishing the CEO post to Amazon Web Services CEO Andy Jassy. Of the company’s $386 billion revenue in 2020, $301 billion was value created, for consumer and AWS customers ($164 billion), employees ($91 billion), third-party sellers ($25 billion) and shareholders ($21 billion), said Bezos. The goal of a business “should be to create value for everyone you interact with,” said the outgoing CEO, who will hand over the reins to Jassy in Q3. Bezos calculated value to customers in terms of time savings. Customers complete 28% of purchases on Amazon in three minutes or less, and half of all purchases are finished in less than 15 minutes, said Bezos. He compared that time with “about an hour” shoppers spend in the physical store experience. He estimated a "conservative" $10 per hour in time savings. Bezos estimated the company’s value creation for customers using the AWS cloud computing platform last year at $38 billion, based on the assumption that operating in the cloud delivers a 30% improvement in costs, along with the increased speed AWS provides in software development. AWS revenue was $45 billion. Third-party seller profits from selling on Amazon were estimated at $25 billion-$39 billion, he said. Seven-eighths of the $1.6 trillion of wealth Amazon has created for shareholders since the stock began trading benefits pension funds, universities, 401(k) plans and individuals, he said. The stock closed marginally higher Thursday at $3,379.09.
Staggering numbers stood out in Amazon founder Jeff Bezos’ final shareholder letter as CEO, in Thursday's posting, citing the e-commerce pioneer’s revenue growth, employee expansion and towering stock price rise from its opening $18 per share valuation when it went public almost 12 years ago. Bezos will soon transition to executive chairman, relinquishing the CEO post to Amazon Web Services CEO Andy Jassy. Of the company’s $386 billion revenue in 2020, $301 billion was value created, for consumer and AWS customers ($164 billion), employees ($91 billion), third-party sellers ($25 billion) and shareholders ($21 billion), said Bezos. The goal of a business “should be to create value for everyone you interact with,” said the outgoing CEO, who will hand over the reins to Jassy in Q3. Bezos calculated value to customers in terms of time savings. Customers complete 28% of purchases on Amazon in three minutes or less, and half of all purchases are finished in less than 15 minutes, said Bezos. He compared that time with “about an hour” shoppers spend in the physical store experience. He estimated a "conservative" $10 per hour in time savings. Bezos estimated the company’s value creation for customers using the AWS cloud computing platform last year at $38 billion, based on the assumption that operating in the cloud delivers a 30% improvement in costs, along with the increased speed AWS provides in software development. AWS revenue was $45 billion. Third-party seller profits from selling on Amazon were estimated at $25 billion-$39 billion, he said. Seven-eighths of the $1.6 trillion of wealth Amazon has created for shareholders since the stock began trading benefits pension funds, universities, 401(k) plans and individuals, he said. The stock closed marginally higher Thursday at $3,379.09.
Staggering numbers stood out in Amazon founder Jeff Bezos’ final shareholder letter as CEO, in Thursday's posting, citing the e-commerce pioneer’s revenue growth, employee expansion and towering stock price rise from its opening $18 per share valuation when it went public 12 years ago next month. Bezos will transition in Q3 to executive chairman, relinquishing the CEO post to Amazon Web Services CEO Andy Jassy.
Groups representing smaller carriers emphasized the importance of giving carriers with fewer than 2 million subscribers priority as the FCC establishes rules to pay for ripping and replacing network gear from Chinese vendors. Huawei protested any requirement that equipment be removed from networks and said the program should be voluntary. The FCC should be aware that a global shortage of chipsets (see 2104120057) could complicate replacement, USTelecom warned. Comments were posted Tuesday in docket 18-89.
Telecom and technology are finally converging, but the FCC has been slow to keep up with the change, Commissioner Brendan Carr said Tuesday at FCBA's first “all chapter” virtual event, with members watching from across the U.S.
Telecom and technology are finally converging, but the FCC has been slow to keep up with the change, Commissioner Brendan Carr said Tuesday at FCBA's first “all chapter” virtual event, with members watching from across the U.S.
Five of the National Suicide Prevention Lifeline's 180 centers nationwide already have the technology and staff training to handle text-to-988 and chat messages, and it's not clear whether they will need more if the FCC mandates that providers support texting 988, we're told. Kim Williams, CEO of Vibrant Emotional Health, which administers Lifeline, said the Department of Health and Human Services' Substance Abuse and Mental Health Services Administration is working on a report that would include recommendations. SAMHSA said it's partnering with the FCC and carriers on the approach to implementing three-digit functionality for Lifeline. It said the ability of call centers to accommodate text-based utilization "has been -- and will continue to be -- a focus of the hotline’s operations." The FCC will vote at its April meeting on a Further NPRM on text-to-988 requirements and a possible July 16, 2022, implementation deadline (see 2103310054).
Senate Parliamentarian Elizabeth MacDonough “advised that a revised budget resolution may contain budget reconciliation instructions,” opening up the possibility of Democrats using that process again in FY 2021 to pass an infrastructure spending package or another measure, said the office of Majority Leader Chuck Schumer, D-N.Y., Monday. That "allows Democrats additional tools to improve the lives of Americans if Republican obstruction continues," the office said. Democrats began floating the possibility last month of using reconciliation on an infrastructure bill (see 2103160001). New America's Open Technology Institute and the Johns Hopkins University Center for Civil Society Studies proposed using "the windfall proceeds of current and anticipated spectrum auctions" to pay for a "Digital Futures Foundation" aimed at investing "in the significant advancements in public-purpose applications and services needed to close the various digital equity gaps for the benefit of all the American people." Some lawmakers are reexamining the possibility of using spectrum auction proceeds to pay for broadband funding in an infrastructure package (see 2104010062). Amazon CEO Jeff Bezos said Tuesday he backs an increase in the corporate tax rate to pay for infrastructure.
Senate Parliamentarian Elizabeth MacDonough “advised that a revised budget resolution may contain budget reconciliation instructions,” opening up the possibility of Democrats using that process again in FY 2021 to pass an infrastructure spending package or another measure, said the office of Majority Leader Chuck Schumer, D-N.Y., Monday. That "allows Democrats additional tools to improve the lives of Americans if Republican obstruction continues," the office said. Democrats began floating the possibility last month of using reconciliation on an infrastructure bill (see 2103160001). New America's Open Technology Institute and the Johns Hopkins University Center for Civil Society Studies proposed using "the windfall proceeds of current and anticipated spectrum auctions" to pay for a "Digital Futures Foundation" aimed at investing "in the significant advancements in public-purpose applications and services needed to close the various digital equity gaps for the benefit of all the American people." Some lawmakers are reexamining the possibility of using spectrum auction proceeds to pay for broadband funding in an infrastructure package (see 2104010062). Amazon CEO Jeff Bezos said Tuesday he backs an increase in the corporate tax rate to pay for infrastructure.
Big wireless carriers sounded the alarm about California considering a connections-based USF contribution mechanism. Some wireline companies and consumer advocates supported the change, in Monday comments at the California Public Utilities Commission. They highlighted ways to mitigate possible regressive impacts of moving from a revenue-based mechanism for California’s public purpose programs (PPPs). Oklahoma and Nebraska commissions may soon adopt state USF contribution changes, said agency officials in those states.