Amazon (NASDAQ:AMZN) layoffs are on the way as the e-commerce company is cutting jobs from its Amazon Games division.
These Amazon layoffs will see 180 employees from its Amazon Games business lose their jobs. This comes as the company puts an end to certain streaming initiatives. That includes its Game Growth and Crown Channel plans.
Christoph Hartmann, Vice President of Amazon Games, said the following about the layoffs in a memo to employees obtained by CNBC:
“I know this is difficult news and that the impact will be felt widely […] It never feels good to say goodbye to colleagues. This isn’t a decision the leadership team came to quickly; it was the result of extensive considerations and road mapping for our future.”
Not the First Amazon Layoffs
Amazon has been laying off employees throughout the year as part of cost-cutting measures put in place by CEO Andy Jassy. That has resulted in more than 27,000 jobs cuts over the last year.
Investors will note that it’s not just Amazon cutting jobs. Several companies have been laying off employees these last few months. That comes as companies seek to conserve cash in a period of high inflation and increased interest rates.
AMZN stock is up 1.8% as of Tuesday morning and up 66.7% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
