As Amazon’s revenue and stock price continue to climb, the company is also pulling back.
Between January and August, Amazon cut its core retail business’s U.S. ad spend by 20%—equivalent to $700 million—compared to the same time in 2023, according to estimates from marketing intelligence platform MediaRadar.
The drop from $3.4 billion to $2.7 billion comes amid other cost-cutting measures across the company under CEO Andy Jassy, who took control of the ecommerce giant after founder Jeff Bezos stepped down in 2021.
Amazon has shut down brick-and-mortar stores, such as the Go convenience chain and grocery services.
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