In a series of job cuts hitting the technology industry, Audible, the online audiobook and podcast service owned by Amazon, has announced that it will be laying off approximately 5% of its workforce. This marks the third round of job cuts at Amazon's businesses this week, as the company aims to navigate an "increasingly challenging landscape," according to Audible CEO Bob Carrigan. In a memo sent to employees on Thursday, Carrigan emphasized that the decision was not taken lightly, but rather as a means to operate more efficiently and deliver top-quality audio storytelling to customers worldwide.

The exact number of employees affected by the layoffs has not been disclosed by Audible. However, this move follows similar announcements from Amazon's Prime Video and MGM Studios unit, which are also reducing their workforce to streamline operations. Twitch, the streaming platform also owned by Amazon, has recently revealed plans to cut over 500 jobs in an effort to improve profitability.

Since its acquisition by Amazon in 2008 for approximately $300 million, Audible has become a leading distributor and producer of audiobooks, meditation programs, and podcasts. The company has focused on attracting more customers through exclusive content and high-profile partnerships, such as the multiyear agreement with Higher Ground Productions, founded by former President Barack Obama and Michelle Obama.

While tech companies like Amazon experienced significant hiring during the pandemic, the recent surge in inflation and interest rates has prompted a shift towards cost-cutting and profitability. Amazon's job cuts began in late 2022 and have already impacted over 27,000 employees. Discord, the social media company, has also confirmed layoffs, with 17% of its staff, or 170 employees, being let go to enhance workforce agility following a hiring surge during the pandemic.

The technology industry's job shedding trend is not limited to Amazon and its subsidiaries. Other major players, including Google, Xerox, and Unity Software, have also announced layoffs in recent days, indicating that the industry-wide downsizing is far from over. As the landscape continues to evolve, companies are striving to adapt and optimize their operations to remain competitive in an increasingly challenging market.