3. Amazon's reset
Amazon CEO Andy Jassy is confident that cost-cutting at the e-commerce giant will pay off. He said in his annual shareholder letter, out Thursday, that he's spent the last several months taking a "deep look across the company, business by business" to asses unit revenue, operating income and free cash flow. "In some cases, it led to us shuttering certain businesses," Jassy wrote, likely referencing the telehealth service and other experimental projects that Amazon cut in recent months. The company also laid off 27,000 employees, the largest cuts in its history, and instituted a hiring freeze for its corporate workforce. "I'm optimistic that we'll emerge from this challenging macroeconomic time in a stronger position than when we entered it," Jassy wrote. Read his full shareholder letter.
4. Buffett on banks
Legendary investor Warren Buffett said there could be more bank failures ahead after the recent Silicon Valley Bank crisis rippled through the sector. Depositors shouldn't fret though, according to the 92-year-old "Oracle of Omaha." "We're not over bank failures, but depositors haven't had a crisis," the Berkshire Hathaway chairman and CEO told CNBC's Becky Quick Wednesday. "Banks go bust. But depositors aren't going to be hurt." Buffett said it's critical that banks maintain the public's confidence to prevent further runs on funds. "You don't need to turn a dumb decision by managers into a panicking the whole citizenry of the United States about something they don't need to be panicked about," he said.
5. Meet Max
Warner Bros. Discovery unveiled its new flagship streaming service on Wednesday. The platform, which will combine all the programming of HBO Max and Discovery+, will be called "Max" and will launch on May 23. It'll cost the same as HBO's current streaming plans and will bring with it a slate of flashy new series including a new "Game of Thrones" prequel and a "Harry Potter" spinoff. "Max is the one to watch, because it's home to shows that have a supersized effect on people and culture," Discovery CEO David Zaslav said during a presentation in Burbank, California. "It's streaming's version of must-see TV."
— CNBC's Sara Salinas wrote this newsletter. Brian Evans, Leslie Josephs, Annie Palmer, Yun Li Alex Sherman and Lillian Rizzo contributed.
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