1、A N N U A LR E P O R T2022Dear shareholders:As I sit down to write my second annual shareholder letter as CEO,I find myself optimistic and energizedbywhatliesaheadforAmazon.Despite2022beingoneof thehardermacroeconomicyearsinrecentmemory,and with some of our own operating challenges to boot,we still

2、found a way to grow demand(on top ofthe unprecedented growth we experienced in the first half of the pandemic).We innovated in our largestbusinesses to meaningfully improve customer experience short and long term.And,we made importantadjustments in our investment decisions and the way in which we ll

3、 invent moving forward,while stillpreserving the long-term investments that we believe can change the future of Amazon for customers,shareholders,and employees.While there were an unusual number of simultaneous challenges this past year,the reality is that if youoperate in large,dynamic,global marke

4、t segments with many capable and well-funded competitors(theconditions in which Amazon operates all of its businesses),conditions rarely stay stagnant for long.In the 25 years I ve been at Amazon,there has been constant change,much of which we ve initiated ourselves.When I joined Amazon in 1997,we h

5、ad booked$15M in revenue in 1996,were a books-only retailer,didnothaveathird-partymarketplace,andonlyshippedtoaddressesintheUS.Today,Amazonsellsnearlyeveryphysical and digital retail item you can imagine,with a vibrant third-party seller ecosystem that accountsfor 60%of our unit sales,and reaches cu

6、stomers in virtually every country around the world.Similarly,building a business around a set of technology infrastructure services in the cloud was not obvious in 2003when we started pursuing AWS,and still wasn t when we launched our first services in 2006.Having virtuallyevery book at your finger