In fact, I predict one day Amazon will fail,” Bezos said at a company meeting in Seattle on Thursday, according to a recording heard by CNBC.
He reportedly made the statement when addressing a question about Sears’ recent bankruptcy.
“Amazon will go bankrupt.
Amazon turned 24 in July of this year.
Is Amazon going to fail?
“Amazon is not too big to fail,” Bezos said, in a recording of the meeting that CNBC has heard. “In fact, I predict one day Amazon will fail. Amazon will go bankrupt. The key to prolonging that demise, Bezos continued, is for the company to “obsess over customers” and to avoid looking inward, worrying about itself.
What businesses has Amazon killed?
9 Major Companies Face Threat From Amazon
- Barnes & Noble. The last remaining bookstore chain once dwarfed Amazon in sales — $2 billion compared with $16 million — but that was 22 years ago.
- Rite Aid.
- Office Depot.
- AutoZone and O’Reilly.
- FedEx and UPS.
What industries is Amazon in?
|The Amazon Spheres, part of the Amazon headquarters campus in Seattle|
|Traded as||NASDAQ: AMZN NASDAQ-100 component S&P 100 component S&P 500 component|
|Industry||Cloud computing E-commerce Artificial intelligence Consumer electronics Digital distribution|
19 more rows
Is Amazon making any money?
Amazon reported record profit in 2018, earning $10.1 billion in net income compared with just $3 billion the prior year. Considering the company hardly recorded any profit until 2016, this sudden cash influx represents a new era for Amazon.