Amazon to slash 10,000 jobs starting this week: report

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Amazon is planning to lay off some 10,000 employees in its corporate and technology sectors beginning this week, according to a report.

The culling would be the largest number of job cuts undertaken at any point in the history of the Seattle-based e-commerce giant, which is also feeling the effects of stiff economic headwinds that have hamstrung large tech firms.

News of the planned layoffs was first reported by The New York Times.

The Post has sought comment from Amazon.

The layoffs will primarily affect those involved with projects linked to Amazon’s voice assistant Alexa as well as its retail and human resources departments, according to the Times.

The company has reportedly yet to settle on a specific number of job cuts, though laying off 10,000 people would account for around 3% of its corporate headcount and less than 1% of its 1.5 million global workforce.

Shares of Amazon were trading down more than 2.3% as of noontime on Monday. The stock is down about 41% for the year and is on pace for its worst year since 2008, according to CNBC.

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The cuts will focus on the e-commerce giant’s devices unit, which houses voice-assistant Alexa, as well as its retail division and human resources, the New York Times reported.
REUTERS

Amazon is the latest blue-chip company to announce it was significantly trimming down its workforce as part of an effort to tighten belts.

Twitter, which recently was acquired by Tesla CEO Elon Musk, laid off half its workforce. Some 3,700 Twitter employees lost their jobs in recent days.

Meta, Facebook’s parent company, cut 13% of its staff, which translates into some 11,000 employees who were given pink slips.

Lyft, Stripe, Microsoft, Shopify, Netflix, and Snap have also slashed their headcounts by hundreds.

Disney also reported a hiring a freeze on Friday.

Amazon’s most recent earnings report included a “horror show” revenue forecast that predicted a weak holiday shopping season.

The company forecast net sales of between $140 billion and $148 billion for the fourth quarter of this year. The forecast falls short of analyst estimates of $155.15 billion.

In the third quarter, which spanned from July through September, Amazon’s net sales were $127.1 billion — slightly lower than analysts’ expectations of $127.46 billion, according to Refinitiv data. 

Net income fell to $2.9 billion from $3.2 billion a year earlier. 

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