Beliefs around WFH didn't change. Economic circumstances did. If it reverts to difficulty hiring and retaining people, WFH will change back. Productivity is an excuse after the fact.

>When margins are high the returns to growing revenue are much greater than cutting costs.

Margins aren't necessarily high and growing revenue isn't always an option. Certain products/services just aren't in demand, no matter how well you execute.

AWS is high margin but retail isn't. For better or worse the two businesses are merged and considered together by Wall St. which means management also has to look at it that way.