Amazon Plans To Lay Off 10,000 People Starting This Week: Report

After Twitter and Facebook parent Meta significantly trimmed their workforces, now the Technology giant Amazon Inc. is planning to lay off about 10,000 people in corporate and technology jobs starting as soon as this week, as reported by news agency PTI.

According to the New York Times, Amazon plans to lay off approximately 10,000 people in “corporate and technology jobs starting as soon as this week.”

“The cuts will focus on Amazon’s devices organisation, including the voice-assistant Alexa, as well as at its retail division and in human resources,” the report said.

However, when news agency Reuters contacted the company about this, there was no response (till the time of writing this news).

Also Read: Retail Inflation Declines To A 3-Month Low Of 6.77% In October From 7.41% In September

“Amazon froze hiring in several smaller teams in September. In October, it stopped filling more than 10,000 open roles in its core retail business. Two weeks ago, it froze corporate hiring across the company, including its cloud computing division, for the next few months. That news came so suddenly that recruiters did not receive talking points for job candidates until almost a week later, according to a copy of the talking points seen by The New York Times,” it said.

The American multinational technology company had over 1.6 million full-time and part-time employees as of December 31, 2021. Recently, the company said that it would stop the recruitment of corporate employees for the next few months.

Amazon, however, is the new US company that is making deep cuts to its employee base in the face of a possible economic downturn.

On Thursday, Amazon Inc. has become the world’s first publicly listed firm to lose a trillion dollars in market value, reported news agency Bloomberg. According to the report, a combination of rising inflation, tightening monetary policies, and disappointing earnings updates has triggered a historic sell-off in the company’s stocks this year.

On Wednesday, the e-commerce and cloud service company’s shares fell by 4.3 per cent, pushing its market value from a record close of $1.88 trillion in July 2021 to about $879 billion. According to the report, Microsoft Corp. has also lost $889 billion from a November 2021 peak. Making the Windows software maker trail closely behind Amazon in this unwelcomed race.