Amazon Surges the Most Since February on Cost-Cutting Review

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Amazon Surges the Most Since February on Cost-Cutting Review

Bloomberg2022-11-11

E-commerce giant already has paused hiring companywidePositive inflation data also helps lift Amazon’s sharesAndy JassyPhotographer: David Ryder/BloombergAmazon.com Inc. shares gained 12% on news that...

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The Wall Street Journal reported earlier that the assessment was underway and that employees in certain divisions have been told to look for jobs elsewhere in the company because their teams are being suspended or shut down.“Our senior leadership team regularly reviews our investment outlook and financial performance, including as part of our annual operating plan review, which occurs in the fall each year,” the Seattle-based company said in the statement. “As part of this year’s review, we’re of course taking into account the current macro-environment and considering opportunities to optimize costs.”The news boosted a stock that was already up on positive inflation news. The latest data on consumer prices came in better than expected Thursday, easing concerns about Federal Reserve interest rate hikes.Amazon shares rose to $96.63, marking their largest one-day gain since Feb. 4. 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The company almost doubled its headcount during Covid-19 restrictions to handle a surge in orders from home-bound consumers.When shoppers returned to their previous habits this year, Amazon had to pare back its logistics operations. As the economic outlook darkened and it became clear that a slowdown in online sales growth was here to stay, the cutbacks spread to Amazon’s corporate offices.When Amazon forecas tits slowest-ever holiday growth last month, Chief Financial Officer Brian Olsavsky said the company was “taking actions to tighten our belt.”","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}