Amid the toughening macroeconomic environment, Amazon (NASDAQ: AMZN) is looking at ways to reduce its expenses. The company is targeting its unprofitable segments, particularly the Alexa division, which has yearly operating losses of $5 billion. Shares surged more than 11% following the news.
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Amazon has advised employees in these money-losing businesses to search for different roles within the company, as it attempts to reallocate them.
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 47.8% upside potential.
