Amazon (NASDAQ: AMZN) recently announced that it intends to reduce its workforce by roughly 10,000 people, as it joins the growing list of companies that have been looking at ways of reducing costs. The divisions most impacted by these cuts will be human resources, retail, and devices.
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Amazon has already taken other cost-cutting measures such as shutting down unprofitable non-core operations. Indeed, it’s specifically targeting the Alexa division for review, as it has operating losses of $5 billion per year.
Is Amazon Stock a Buy, Hold, or Sell?
Turning to Wall Street, Amazon Stock has a Strong Buy consensus rating based on 32 Buys and one Hold assigned in the past three months. The average Amazon stock price target of $142.29 implies 43.26% upside potential.
