Amazon cuts jobs in music streaming division
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Amazon is cutting the workforce in its music unit, the company confirmed Wednesday.
People familiar with the latest round of layoffs told Reuters that Amazon Music some employees from Latin America, North America and Europe were notified that their positions had been eliminated. An Amazon spokesperson confirmed there were layoffs in the division but declined to reveal how many employees have been let go.
Amazon is cutting the workforce in its music unit, the company confirmed Wednesday. (Christophe Gateau / dpa / File / Getty Images)
"We have been closely monitoring our organizational needs and prioritizing what matters most to customers and the long-term health of our businesses," the spokesperson said in a statement. "Some roles have been eliminated on the Amazon Music team. We will continue to invest in Amazon Music."
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The layoffs are the latest in a series of job cuts by Amazon over the past year, which have affected more than 27,000 employees at the e-commerce retail giant.
Andy Jassy, Amazon president and CEO (Kevin Winter / File / Getty Images)
Amazon went on a hiring spree during the pandemic, but President and CEO Andy Jassy warned employees last year that the workforce would be trimmed and that job cuts would extend into 2023, calling the cuts "the most difficult decision" that he and his team have had to make.
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In its latest earnings report last month, Amazon revealed a 13% rise in revenue to $143.1 billion for the third quarter, beating Wall Street estimates of $141.41 billion. The e-commerce titan also predicted a rise in holiday revenue for the end of 2023.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 210.71 | +2.82 | +1.36% |
Amazon.com, Inc.
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"The retail giant's slowdown last year appears to be in the rearview mirror as it has embarked on significant cost-cutting throughout this year and sharpened its focus on key growth areas," Insider Intelligence analyst Zak Stambor said in reaction to the earnings.
Reuters contributed to this report.
