Amazon challenged its retail rivals to raise their wages and improve benefits, saying the competition will help everyone.
CEO and founder Jeff Bezos said in a letter to shareholders Thursday that as Amazon grows, so does the size of its "failed experiments."
He said Amazon is willing to continue to take risks and learn from its failures, while simultaneously supporting successful areas of its business like its third-party sellers and retail locations.
Bezos named the Fire phone as a failure, but Echo and Alexa as successes.
He also touted third-party sales of $160 billion and Amazon Go stores, saying Amazon is "excited about the future."