Amazon plans to lay off 10,000 employees as sales slow

According to Reuters, Amazon is planning to lay off thousands of office workers due to slowing sales and concerns about an economic downturn. The company will lay off around 10,000 employees in corporate and technology roles beginning this week.

The layoffs, which were first reported by the New York Times, would amount to about 3% of Amazon’s corporate workforce.

It comes as thousands of jobs are lost across the technology industry as firms’ sales slow amid growing fears of an economic downturn.

Amazon employee who was laid off said in a LinkedIn post, “Of course, I am saddened, but optimistic about the future because I know this means good change for me and others on my team.”

The company had already implemented a hiring freeze.

Amazon founder and chairman Jeff Bezos warned last month that the US economy was sending a signal to “batten down the hatches.”

Amazon’s stock price has dropped by more than 40% this year as the company deals with a slowdown in online sales.

Other major technology companies have already announced significant layoffs in order to cut costs.

Meta, which owns Facebook, Instagram, and WhatsApp, announced last week that it would lay off 13% of its workforce.
The company’s first mass layoffs in its history will result in the layoff of 11,000 employees.

It was announced shortly after Elon Musk took over Twitter that he would reduce the social media platform’s headcount by around 50%.

Microsoft, payment processing platform Stripe, and cloud-based business software firm Salesforce have all announced layoffs in recent weeks.

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