On Monday, Amazon declared it will eliminate more than 180 positions in its Amazon Games branch as it adjusts its concentration towards Prime Gaming. To that end, the firm is ceasing its Game Growth and Crown Channel undertakings as part of the reorganization. "Making this decision was not a speedy process for the command team; rather, it was the result of protracted debates and plans for our future," Christoph Hartmann, Amazon Games' VP, stated in a memo.
Amazon has revealed that it will trim more than 180 positions in its Amazon Games division in order to concentrate resources on projects such as Prime Gaming, the upcoming "Throne and Liberty" and "Blue Protocol" releases, and future titles like "Tomb Raider" and "The Lord of the Rings." Christoph Hartmann, VP of Amazon Games, stated that the decision wasn't taken lightly in a memo to staff. He remarked, “I know this is difficult news and that the impact will be felt widely. It never feels good to say goodbye to colleagues. This isn’t a decision the leadership team came to quickly; it was the result of extensive considerations and road mapping for our future.”
Amazon CEO Andy Jassy has been pushing for cost-cutting measures following a rise in interest rates and inflation, resulting in the largest layoffs the company has ever seen, totaling 27,000. The third-quarter report signified that the company had managed to save money, as it saw a 13% increase in revenue to $143.1 billion and a sudden net income jump of more than three-folds to $9.9 billion.
In the memo, Hartmann also noted that optimizing the Amazon Games business requires concentration of efforts and resources to create successful titles for players. With CNBC's Annie Palmer contributing, Bernstein analysts have highlighted certain crypto stocks, while Bank of America has identified two elements that could lead to another bull market. A rare signal has also been activated, predicting returns a year later with a 100% record.
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