Amazon Plans to Lay Off 10,000 Employees
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Thousands of Amazon employees will reportedly face layoffs.
Amazon reportedly plans to lay off 10,000 employees.
Recent reports from The New York Times and the Wall Street Journal state that Amazon plans to lay off around 10,000 employees, the most job cuts in the company’s history. Positions impacted total around 1% of Amazon’s global workforce and 3% of corporate employees, though the actual amount of job cuts may change as the situation unfolds.
The layoffs are expected to begin at the beginning of this week and the jobs in jeopardy are primarily in the corporate and technology sectors. According to the report, some areas that will be impacted include retail, human resources, recruiting, and Amazon’s devices organization.
This news comes as the company’s stock is now down 41% for the year. According to CNBC, this is Amazon’s worst year since 2008. The company reported dismal third-quarter earnings and announced a hiring freeze this October.
With a poor forecast for the fourth quarter (thanks in part to inflation and a reduction in online orders), Amazon is now resorting to mass layoffs. This is a drastic change from years past when we saw Amazon hiring thousands of holiday workers for the winter season.
Amazon isn’t the only company that has made job cuts recently. Other large companies like Meta, Redfin, Zillow, Netflix, and Twitter have also seen layoffs.
With the holidays around the corner, this type of news is coming at a terrible time.
If your family or friend circle is impacted, our hearts are with you. Whether you are looking for work or just looking to save more money, we will continue to post content that may be helpful. We love to share tips on how to budget, score a great deal, and even make money.
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Looking for seasonal work? See which companies are hiring for the holidays.