On Thursday, Amazon.com, Inc. (NASDAQ:AMZN) cut jobs in its books division, including roles at Goodreads and Kindle.
What Happened: The company said that fewer than 100 employees were impacted by the layoffs, reported Reuters.
An Amazon spokesperson explained, “As part of our ongoing work to make our teams and programs operate more efficiently, and to better align with our business roadmap, we’ve made the difficult decision to eliminate a small number of roles within the Books organization.”
Amazon has been implementing job cuts gradually, with recent reductions affecting its devices and services division, the Wondery podcast unit and employees in its stores and communications teams.
The e-commerce giant also added approximately 4,000 jobs in the first quarter of this year compared to the fourth quarter of last year, the report noted, citing a disclosure made last month.
Why It’s Important: Last month, sportswear giant Nike Inc. (NYSE:NKE) also announced plans to cut jobs within its technology division, choosing instead to outsource portions of the work to third-party vendors.
On Monday, more than 300 Microsoft Corporation (NASDAQ:MSFT) employees were reportedly informed that their positions had been eliminated, adding to the approximately 6,000 job cuts the company announced last month.
Price Action: Amazon shares climbed 0.32% during Thursday’s regular trading session and saw a further gain of 0.048% in after-hours trading, according to Benzinga Pro data.
Benzinga’s Edge Stock Rankings indicate that Amazon maintains a positive price trend across short, medium and long-term periods. You can view more in-depth metrics here.
Photo Courtesy: Matthew Nichols1 on Shutterstock.com
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
