Amazon, Google facing short-term challenges: Mark Mahaney
Evercore ISI senior managing director Mark Mahaney explains why he is lowering his price targets on two Big Tech stalwarts on ‘Varney & Co.’
Amazon – which has been trimming costs amid the uncertain economy – is now getting rid of its global online bookseller, The Book Depository.
The online book retailer posted a note on its website this week that it will be closing on April 26 after operating for nearly two decades.
"From all of us at Book Depository we want to say "thank you." Delivering your favourite reads to you since 2007 has been a pleasure," the note read.
AMAZON REPORTEDLY CONSIDERING PURCHASE OF AMC ENTERTAINMENT
Customers will still be able to place orders until midday on April 26. Orders will continue to be delivered until June 23, The Book Depository said.
The international book retailer was acquired by Amazon in 2011 and sells over 20 million books and delivers them free of charge worldwide. The company ships thousands of books each day to more than 120 countries worldwide from its fulfillment centers in the U.K. and Australia.
The move comes at a time when Amazon has been cutting costs, including cutting 27,000 jobs.
AMAZON PAUSING VIRGINIA CONSTRUCTION OF SECOND HEADQUARTERS
CEO Andy Jassy said that "given the uncertain economy in which we reside, and the uncertainty that exists in the near future, we have chosen to be more streamlined in our costs and headcount."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 101.50 | -2.44 | -2.35% |
Jassy said the cost-cutting measures are part of this year's planning cycle, which will enable the company "to still invest robustly in the key long-term customer experiences that we believe can meaningfully improve customers’ lives and Amazon as a whole."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The layoffs mark the largest workforce reduction in the company's history, but it's still a fraction of the company's overall global workforce of about 1.5 million.
Source: Read Full Article