In an internal all-hands meeting held on Wednesday, Audible, an Amazon.com Inc (NASDAQ:AMZN) unit, discussed potential future layoffs and the increasing competition from Spotify. This meeting reportedly comes two weeks after Audible reduced its workforce by 5%.

What Happened: Audible CEO Bob Carrigan addressed numerous employee concerns, primarily regarding recent layoffs and low staff morale. While Carrigan did not directly confirm the possibility of future layoffs, he did not rule them out either, as reported by Business Insider.

Carrigan also acknowledged the growing threat from Spotify Technology SA (NYSE:SPOT), which recently launched free audiobooks for premium subscribers. He stressed the need for Audible to remain “customer focused, competitor aware,” in light of Spotify’s significant customer base and its foray into Audible’s core market.

Despite the layoffs, Carrigan assured employees that there is no hiring freeze at Audible. He also highlighted the potential of artificial intelligence (AI) to create more opportunities in the long term, despite possible short-term disruption.

An Audible spokesperson confirmed the meeting and its main discussion points to Business Insider, emphasizing that Audible remains well-positioned for future growth and continued innovation.

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Price Action: On Thursday, Amazon.com shares rose 0.6% in the regular session to $157.75 and declined 0.2% in the after-hours trading, according to Benzinga Pro data.

Photo via Amazon Audible

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