Amazon (NASDAQ:AMZN) layoffs are a hot topic on Thursday as investors react to the company reducing the headcount in its music streaming division.
Amazon hasn’t provided official numbers for these layoffs. However, we do know that they are affecting employees in Latin America, North America and Europe. This builds on the more than 27,000 job cuts the company has announced already in the past year.
As for the specific team members affected, those inside the company claim it affects Amazon Music’s editorial and audio content employees.
When asked about the layoffs, an Amazon spokesperson said the following to Reuters:
“We have been closely monitoring our organizational needs and prioritizing what matters most to customers and the long-term health of our businesses. Some roles have been eliminated on the Amazon Music team. We will continue to invest in Amazon Music.”
What’s Behind the Amazon Layoffs?
Amazon CEO Andy Jassy has been on a cost-cutting spree over the last year, and layoffs are a large part of that. It’s also possible that AMZN is laying off employees in Amazon Music to better focus on other parts of its business.
For example, Amazon has recently commented on its dedication to its Prime Video business. It could be that these job cuts at its Music division come as it shifts focus to its video streaming platform.
AMZN stock is seeing a slight boost on Thursday morning.
Investors who want more of the most recent stock market news for Thursday will want to keep reading!
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On the date of publication, William White did not have (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.
