Exclusive-Amazon trims jobs in devices and services unit
FILE PHOTO: Amazon's Kindle e-book app is seen on an iPhone in an illustration taken April 11, 2023. REUTERS/Chris Helgren/Illustration/File Photo
SAN FRANCISCO (Reuters) -Amazon on Wednesday cut about 100 jobs in its devices and services unit, the group overseeing development of such diverse products as the Kindle, Echo speakers, Alexa voice assistant and Zoox self-driving cars.
Amazon confirmed the cuts following an inquiry from Reuters on Wednesday.
The company said the jobs represented a small number of the total for the unit and were part of its regular business review. A spokesperson declined to provide additional details about which divisions within devices and services were impacted.
'As part of our ongoing work to make our teams and programs operate more efficiently, and to better align with our product roadmap, we've made the difficult decision to eliminate a small number of roles," said the spokesperson.
Amazon trimmed some Alexa-related jobs in 2023 and has been conducting small cuts to various groups in recent months, including its Wondery podcast, stores and communications units. The Seattle retailer added about 4,000 jobs from last year's fourth quarter to this year's first, according to its earnings release earlier this month.
The cost-saving action comes nearly three months after Amazon introduced its first major overhaul of Alexa in a decade, infusing it with generative artificial intelligence software so that it can act more conversationally and take actions for users, among other features.
CEO Andy Jassy is trying to reduce what he described as excessive bureaucracy at the company, including a plan to reduce the number of managers.
Amazon shares closed the day down less than 1% to $210.25.
(Reporting by Greg Bensinger; Editing by Lisa Shumaker)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
10 hours ago
- The Star
Crypto funds' assets hit record high as investors hedge and diversify
Representations of cryptocurrency bitcoin are seen in this illustration picture created in Paris, France, March 9, 2024. REUTERS/Benoit Tessier/Illustration (Reuters) -Assets held in crypto funds hit a record high in May as easing trade tensions lifted risk appetite and some investors used the digital currencies to hedge against market volatility and diversify from their U.S. holdings. Morningstar data on 294 crypto funds shows they attracted $7.05 billion in net inflows last month, the highest since December, bringing total assets under management to a record $167 billion. Nicolas Lin, CEO of fintech firm Aether Holdings, said bitcoin "is starting to come into its own again", not just as a high-volatility asset, but as something that more investors are using to hedge their exposure. Bitcoin has gained more than 15% over the past three months, outperforming a 3.6% rise in the MSCI World Index and a 13.3% gain for gold. Nic Puckri, analyst and founder of Coin Bureau, said one of the main drivers of bitcoin's rise is a loss of faith in the U.S. investment story. "The greenback is projected to keep plummeting, bond yields are rising, there's uncertainty about the equity markets. But bitcoin seems to be holding strong." Bitcoin has been buoyed by institutional inflows over the past year following the approval of spot bitcoin and ether ETFs in the United States. In contrast to the crypto funds, Lipper data showed a net $5.9 billion flowed out of global equity funds in May, while gold funds posted their first outflow in 15 months, of $678 million, pointing to a broader shift in portfolio diversification. "I think flows will stay strong, but probably more steady than the rush we saw after the ETFs launched," said Aether Holdings' Lin. "That initial wave was a bit of a release valve. What's happening now is more important, it's the start of crypto becoming a permanent fixture in diversified portfolios." According to Coinshares data, bitcoin funds attracted a net $5.5 billion and ether funds a net $890 million in May.
New Straits Times
10 hours ago
- New Straits Times
Singapore's Grab denies reports of talks with Indonesia's GoTo for a potential deal
SINGAPORE: Singapore-based ride-hailing and delivery company Grab said on Monday it was not in any talks on a potential deal with smaller Indonesian rival GoTo . Reuters reported last month that Nasdaq-listed Grab was looking to strike a deal to buy GoTo in the second quarter and had hired advisers to work on the proposed deal, citing two sources with knowledge of the matter. A deal could value GoTo at around US$7 billion, according to a separate source with knowledge of the matter. "There have been media reports that we are engaged in discussions for a potential transaction with PT GoTo Gojek Tokopedia Tbk. The parties are not involved in any discussions at this time and Grab has not entered into any definitive agreements," Grab said in a stock exchange filing. Bloomberg reported on Friday, citing unnamed sources, that Indonesia's sovereign wealth fund Danantara was considering a role in Grab's planned US$7 billion acquisition of GoTo. "We will continue to maintain a high hurdle rate when deploying our capital and will have a balanced approach to investing for organic, profitable growth and be highly selective on inorganic opportunities, in line with our capital allocation framework," Grab said in its filing. "Indonesia continues to be an important country in serving our mission as we continue to outserve our Indonesian customers, driver- and merchant-partners," it added. Media reports, citing unnamed sources, have appeared on and off for a few years about a possible merger between Grab and GoTo. In a separate statement, Grab said its on-demand gross merchandise value grew 19 per cent in April and May from a year earlier, while the number of mobility rides for April and May rose 23 per cent.
The Star
11 hours ago
- The Star
Grab says it's not in talks to buy GoTo ‘at this time'
FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. REUTERS/Anshuman Daga/File Photo Grab Holdings Ltd. said it isn't in talks to acquire Southeast Asia internet peer GoTo Group "at this time,' signaling it's halting or at least pausing a planned US$7bil acquisition of its Southeast Asia internet peer. "The parties are not involved in any discussions at this time and Grab has not entered into any definitive agreements,' Grab said in a statement Monday. "Indonesia continues to be an important country in serving our mission as we continue to outserve our Indonesian customers, driver- and merchant-partners.' Singapore's Grab and Indonesia's GoTo had made headway on a potential deal structure, but the pace of talks had slowed recently over concerns about potential regulatory demands, Bloomberg News reported previously. Indonesia's antitrust agency said in May it would look into potential risks and urged the companies to ensure any deal won't create a monopoly. - Bloomberg
