Amazon to shut down its food delivery business in India
In this article:
Yahoo Finance Live's Rochelle Akuffo discusses reports that Amazon will shut down its food delivery business in India as part of the company's cost-cutting measures.
Video Transcript
RACHELLE AKUFFO: Right, well, the world's largest e-commerce company is calling it quits on its food delivery business in India. Amazon confirming to Reuters that it will shut down Amazon Food by year's end, which it launched at the peak of the pandemic in May of 2020.
Now the move comes after the company announced it's shutting down its EdTech business, Amazon Academy, as part of its cost cutting measures. Earlier this month, it announced it was laying off over 10,000 employees due to uncertain macroeconomic conditions. So clearly still biting Amazon right now.
