Amazon Layoffs in Music Streaming Division Spark Investor Reaction
Amazon (NASDAQ:AMZN) is making headlines today as investors react to the company’s recent layoffs in its music streaming division. While official numbers have not been provided, reports indicate that employees in Latin America, North America, and Europe are being affected. This comes on the heels of over 27,000 job cuts announced by the company in the past year.
The layoffs primarily impact Amazon Music’s editorial and audio content employees, according to insiders. When asked about the situation, an Amazon spokesperson told 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.”
These layoffs are part of Amazon CEO Andy Jassy’s cost-cutting efforts over the past year. It is speculated that the company may be redirecting its focus from its Music division to other areas of its business, such as Prime Video. As a result of this news, AMZN stock is experiencing a slight boost on Thursday morning.
In other stock market news, traders are keeping an eye on Virgin Galactic (NYSE:SPCE), AMC Entertainment (NYSE:AMC), and Spirit AeroSystems (NYSE:SPR) stocks. For more information on these developments and other stock market updates, read on!
Disclaimer: The opinions expressed in this article are those of the writer and do not necessarily reflect the views of InvestorPlace. The writer does not hold any positions in the securities mentioned.
More From InvestorPlace:
– Amazon Layoffs 2023: What to Know About the Latest AMZN Job Cuts
– [Link to InvestorPlace website]