Amazon’s Audible division is set to lay off 100 employees, which accounts for about 5% of its workforce. The cuts will not affect the division’s content teams. Despite a successful year in 2023, Amazon justifies these layoffs as part of its efforts to further excel in the audiobook space. In a memo obtained by Variety, Audible CEO Bob Carrigan explained that becoming leaner and more efficient is necessary to continue delivering top-notch audio storytelling to customers worldwide.
In addition to Audible, Amazon’s streaming platform Twitch also experienced job cuts, with 500 employees being let go. This move is part of Amazon’s plan to make Twitch a profitable business. The company has also made recent job cuts in Prime Video and MGM Studios as part of its cost reduction efforts during challenging economic times.
As a result, AMZN stock has seen a slight decline on Friday morning. For more stock market news, investors can check out the latest updates on Lucid (NASDAQ: LCID), Disney (NYSE: DIS), and Nio (NYSE: NIO) stocks.
Please note that the opinions expressed in this article are those of the writer and do not reflect the views of InvestorPlace.