Amazon CEO Jeff Bezos: ‘I’ve made billions of dollars of failures’


Amazon’s Fire phone, dubbed a “shopping machine,” is a flop. The device, which the company introduced in June, led to a $170 million write-down last quarter and a lowered sticker price of just 99 cents. Tom Szkutak, the company’s chief technology officer, told Fortune in October that the phone was “priced wrong.”

That’s okay, according to chief executive Jeff Bezos. In comments made today at the Business Insider Ignition conference in New York, Bezos said it is “really early” for the phone, and the company [fortune-stock symbol=”AMZN”] will continue to improve upon its first mobile offering. It’s too early to analyze what precisely went wrong, he said, and if Amazon isn’t making mistakes, it’s not innovating, he argued. He added: “My job is to encourage people to be bold.”

“I’ve made billions of dollars of failures at,” he said. “Literally billions. … Companies that don’t embrace failure and continue…

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