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- Amazon.Com, Inc (NASDAQ:AMZN) looked to exit India's meal deliveries and a service providing bulk doorstep deliveries of packaged consumer goods to small businesses, Bloomberg reports.
- The exits will involve layoffs of just several hundred out of a workforce of thousands, leaving Amazon relying on its core offerings like online retail in the country.
- CEO Andy Jassy's cost-reduction campaign came amid slowing growth in several areas of Amazon's business.
- Also Read: Black Friday Surprise: Walmart Beats Amazon In Online Searches For Deals
- Amazon has struggled in one of the world's fastest-growing e-commerce markets, where it faced regulatory heat and competition from homegrown conglomerates Reliance Industries Ltd. and Tata Group, and Walmart Inc's (NYSE: WMT) Flipkart.
- Despite plowing billions of dollars in everything from grocery delivery to payments in India during the past decade, Amazon failed to achieve the dominance it enjoys in markets such as the U.S.
- Several projects in beta testing are also likely to be shelved.
- Amazon Academy's learning platform will shut down in the coming months.
- Job losses in the country are likely in the low hundreds or just a fraction of Amazon's India e-commerce workforce of over 10,000.
- Amazon attracted the outrage of a labor union assembling tech workers for making what it calls "voluntary separation" offers and giving employees limited time until December 6 to decide.
- Amazon plans to cut about 10,000 jobs, it's most significant ever headcount reduction globally.
- Amazon launched Amazon Food, the meal delivery service it's now shuttering, in India in 2020.
- Amazon's business-customer unit will continue to provide small retailers and bulk buyers with goods such as groceries and medical supplies. Still, it will no longer offer door delivery of packaged consumer goods.
- Price Action: AMZN shares closed lower by 0.76% at $93.41 on Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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