Net sales for the three months ending June was $134.38 billion, exceeding analysts’ expectations of $131.63 billion with a guidance of $127 billion to $133 billion. The Amazon Web Services cloud unit generated $22.14 billion compared to an estimate of $21.71 billion.

Amazon’s diluted earnings per share for the quarter were $0.65, far exceeding Wall Street’s forecast of $0.35 per share. The company’s operating margin was 5.7%, compared to an estimated 3.46%.

Following the company’s strong Q2 results, Amazon decided to raise its third-quarter revenue outlook to a range of $138 billion and $143 billion, beating the expected $183.3 billion.

The post Amazon Stock Jumps Amid Strong Q2 Earnings appeared first on theprimarymarket.com.

The policy change is reportedly expected to affect remote workers and those who moved during the pandemic. The remote workers will be required to report to one of the “main hub” offices, including those located in Seattle, San Francisco, and New York.

It is currently unclear how many employees will be affected by the change, with the decision being made “on a departmental basis.”

“There’s more energy, collaboration, and connections happening since we’ve been working together at least three days per week, and we’ve heard this from lots of employees and the businesses that surround our offices,” an Amazon spokesperson said in a statement provided to Bloomberg. “We continue to look at the best ways to bring more teams together in the same locations, and we’ll communicate directly with employees as we make decisions that affect them.”

Amazon received a significant backlash from its workers after announcing the “three days per week in the office” policy back in May, with employees at the Seattle offices staging a walkout in protest.

The post Amazon Will Have Some of Its Workers Relocate as Part of the “Return-to-Office” Push appeared first on theprimarymarket.com.

According to a recent report published by Bloomberg, Amazon, and Google, as well as some other big U.S. companies working in Europe, are finding it hard to cut jobs. The main reason is that EU labor laws are stricter than the ones in the U.S. and make large-scale layoffs a huge challenge.

The process of bigger job cuts in Europe can’t be completed without completing various steps, including talks and negotiations with employee councils. This means that going through with the layoffs will be much more laborious for tech companies than they envisioned.

Trying to overcome these problems, Amazon and Google have started offering incentives and generous severance packages to affected workers in an attempt to encourage them to leave their jobs voluntarily. For example, Amazon offered some senior managers “as much as one year’s pay,” among other benefits, to try and get them to leave.

“We have been working carefully and individually through each country where reductions are taking place to fully adhere to local legal requirements, which vary per location, are complex, and take time,” a Google spokesperson wrote in the mail when reached out by Bloomberg.

Amazon announced additional layoffs in March that will see the company trim its workforce by 9,000 employees. Google, on the other hand, announced in January that it would cut around 12,000 jobs. 

The post Amazon and Google Facing Obstacles in Conducting Planned Layoffs in Europe appeared first on theprimarymarket.com.

Back in November, Amazon had its first big round of layoffs, parting ways with 10,000 workers. This was followed by the exit of another 8,000 employees in early 2023. At the time, affected teams felt caught off guard by the actions, which is why the company has now decided to make an early announcement.

Reuters reports that the layoffs will affect teams involved in Amazon Web Services and other “advertising and cloud computing divisions” as well as the streaming platform Twitch. Around 400 Twitch employers will be laid off, according to a blog post published by Twitch CEO Dan Clancy.

“Like many companies, our business has been impacted by the current macroeconomic environment, and user and revenue growth has not kept pace with our expectations. In order to run our business sustainably, we’ve made the very difficult decision to shrink the size of our workforce,” Clancy wrote.

Amazon has made several other moves in 2023 to cut costs, including putting an end to some experimental projects and closing several of its cashierless Amazon Go stores. Eight stores in total are set to close in Seattle, San Francisco, and New York.

Amazon’s stock surged around 3 percent on Tuesday, trading at $100.66 before close hours. The company’s shares are 17 percent up year-to-date.

The post Amazon Doubles Down On Layoffs, Will Trim Its Workforce by Another 9,000 Employees appeared first on theprimarymarket.com.

Reportedly, the decision to close the stores—two in Seattle, two in New York, and four in San Francisco—is part of Amazon’s efforts to cut its costs. While this represents more than a quarter of all Amazon Go stores in the U.S., the company insists that they are “committed to Amazon Go format.”

“We remain committed to the Amazon Go format, operate more than 20 Amazon Go stores across the U.S., and will continue to learn which locations and features resonate most with customers as we keep evolving our Amazon Go stores,” said Amazon spokesperson Jessica Martin said in a statement to TechCrunch.

The company recently opened a new Amazon Go store in Mill Creek, Washington, meaning that there are will be 21 locations operating under the brand in the U.S. moving forward. Amazon also has 15 Amazon Go stores in London, UK.

Amazon debuted Amazon Go in 2016 with the goal of offering customers a unique purchasing experience. A customer just needs to scan the store’s QR code using the Amazon Go app to gain access. From there, they can pick up products, put them in a smart cart and then just walk out when done. The store tracks the purchases using advanced technology and automatically charges the customer’s account.

The post Amazon Closing Several Amazon Go Stores in Seattle, San Francisco, and New York appeared first on theprimarymarket.com.

Net sales for the three months ending June was $134.38 billion, exceeding analysts’ expectations of $131.63 billion with a guidance of $127 billion to $133 billion. The Amazon Web Services cloud unit generated $22.14 billion compared to an estimate of $21.71 billion.

Amazon’s diluted earnings per share for the quarter were $0.65, far exceeding Wall Street’s forecast of $0.35 per share. The company’s operating margin was 5.7%, compared to an estimated 3.46%.

Following the company’s strong Q2 results, Amazon decided to raise its third-quarter revenue outlook to a range of $138 billion and $143 billion, beating the expected $183.3 billion.

The post Amazon Stock Jumps Amid Strong Q2 Earnings appeared first on theprimarymarket.com.

The policy change is reportedly expected to affect remote workers and those who moved during the pandemic. The remote workers will be required to report to one of the “main hub” offices, including those located in Seattle, San Francisco, and New York.

It is currently unclear how many employees will be affected by the change, with the decision being made “on a departmental basis.”

“There’s more energy, collaboration, and connections happening since we’ve been working together at least three days per week, and we’ve heard this from lots of employees and the businesses that surround our offices,” an Amazon spokesperson said in a statement provided to Bloomberg. “We continue to look at the best ways to bring more teams together in the same locations, and we’ll communicate directly with employees as we make decisions that affect them.”

Amazon received a significant backlash from its workers after announcing the “three days per week in the office” policy back in May, with employees at the Seattle offices staging a walkout in protest.

The post Amazon Will Have Some of Its Workers Relocate as Part of the “Return-to-Office” Push appeared first on theprimarymarket.com.

According to a recent report published by Bloomberg, Amazon, and Google, as well as some other big U.S. companies working in Europe, are finding it hard to cut jobs. The main reason is that EU labor laws are stricter than the ones in the U.S. and make large-scale layoffs a huge challenge.

The process of bigger job cuts in Europe can’t be completed without completing various steps, including talks and negotiations with employee councils. This means that going through with the layoffs will be much more laborious for tech companies than they envisioned.

Trying to overcome these problems, Amazon and Google have started offering incentives and generous severance packages to affected workers in an attempt to encourage them to leave their jobs voluntarily. For example, Amazon offered some senior managers “as much as one year’s pay,” among other benefits, to try and get them to leave.

“We have been working carefully and individually through each country where reductions are taking place to fully adhere to local legal requirements, which vary per location, are complex, and take time,” a Google spokesperson wrote in the mail when reached out by Bloomberg.

Amazon announced additional layoffs in March that will see the company trim its workforce by 9,000 employees. Google, on the other hand, announced in January that it would cut around 12,000 jobs. 

The post Amazon and Google Facing Obstacles in Conducting Planned Layoffs in Europe appeared first on theprimarymarket.com.

Back in November, Amazon had its first big round of layoffs, parting ways with 10,000 workers. This was followed by the exit of another 8,000 employees in early 2023. At the time, affected teams felt caught off guard by the actions, which is why the company has now decided to make an early announcement.

Reuters reports that the layoffs will affect teams involved in Amazon Web Services and other “advertising and cloud computing divisions” as well as the streaming platform Twitch. Around 400 Twitch employers will be laid off, according to a blog post published by Twitch CEO Dan Clancy.

“Like many companies, our business has been impacted by the current macroeconomic environment, and user and revenue growth has not kept pace with our expectations. In order to run our business sustainably, we’ve made the very difficult decision to shrink the size of our workforce,” Clancy wrote.

Amazon has made several other moves in 2023 to cut costs, including putting an end to some experimental projects and closing several of its cashierless Amazon Go stores. Eight stores in total are set to close in Seattle, San Francisco, and New York.

Amazon’s stock surged around 3 percent on Tuesday, trading at $100.66 before close hours. The company’s shares are 17 percent up year-to-date.

The post Amazon Doubles Down On Layoffs, Will Trim Its Workforce by Another 9,000 Employees appeared first on theprimarymarket.com.

Reportedly, the decision to close the stores—two in Seattle, two in New York, and four in San Francisco—is part of Amazon’s efforts to cut its costs. While this represents more than a quarter of all Amazon Go stores in the U.S., the company insists that they are “committed to Amazon Go format.”

“We remain committed to the Amazon Go format, operate more than 20 Amazon Go stores across the U.S., and will continue to learn which locations and features resonate most with customers as we keep evolving our Amazon Go stores,” said Amazon spokesperson Jessica Martin said in a statement to TechCrunch.

The company recently opened a new Amazon Go store in Mill Creek, Washington, meaning that there are will be 21 locations operating under the brand in the U.S. moving forward. Amazon also has 15 Amazon Go stores in London, UK.

Amazon debuted Amazon Go in 2016 with the goal of offering customers a unique purchasing experience. A customer just needs to scan the store’s QR code using the Amazon Go app to gain access. From there, they can pick up products, put them in a smart cart and then just walk out when done. The store tracks the purchases using advanced technology and automatically charges the customer’s account.

The post Amazon Closing Several Amazon Go Stores in Seattle, San Francisco, and New York appeared first on theprimarymarket.com.