'Amazon To Shut Down Speedy Brick-And-Mortar Delivery Service' - CNBC
Portfolio Pulse from Benzinga Newsdesk
Amazon is shutting down its Amazon Today service, which offered same-day delivery from brick-and-mortar retailers. This move is part of Amazon's broader cost-cutting efforts under CEO Andy Jassy. The service will be mostly shut down by December 2, with full closure by January 24. Approximately 300 employees are affected, with some being laid off. The decision aligns with Amazon's strategy to focus on more cost-effective delivery solutions.
October 22, 2024 | 7:49 pm
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Amazon is discontinuing its Amazon Today service, which provided same-day delivery from physical retailers. This decision is part of a broader cost-cutting strategy under CEO Andy Jassy, affecting around 300 employees.
The shutdown of Amazon Today is a strategic move to cut costs, aligning with Amazon's recent trend of eliminating less profitable ventures. While it affects a small segment of Amazon's operations, it reflects the company's focus on optimizing its delivery services. The impact on AMZN's stock is likely neutral in the short term as investors may have already priced in such cost-cutting measures.
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