It’s been no surprise that significant large-cap company layoffs have been reported recently. However, Amazon is now set to join the unenviable ranks of those compromised companies. According to unnamed persons familiar with the situation, The New York Times claimed on Monday that Amazon is ready to fire around 10,000 employees as soon as this week.
The huge e-commerce company has been trying to reduce the size of its network of warehouses and rent out spaces inside the buildings. Additionally, the company has terminated other services, including Amazon Care, its main healthcare offering.
Amazon released mediocre financial results for the month of October, underperforming analysts’ sales forecasts and providing less optimistic fourth-quarter guidance. Year to date, Amazon stock has decreased by 40%.
Layoffs This Month (% of Workers):
1. Twitter: 50%
2. Cameo: 25%
3. Robinhood: 23%
4. Intel: 20%
5. Snapchat: 20%
6. Coinbase: 18%
7. Opendoor: 18%
8. Stripe: 14%
9. Lyft: 13%
10. Shopify: 10%
11. Meta: “Thousands”
12. Apple: Hiring Freeze
13. Amazon: Hiring Freeze
— The Kobeissi Letter (@KobeissiLetter) November 8, 2022
