Amazon:According to persons with knowledge of the situation, The New York Times reported on Monday that Amazon.com Inc. intends to fire 10,000 employees from corporate and technology positions beginning as soon as this week.
Amazon:According to the article, which also stated that the final number of layoffs remains a moving target, the job cuts will concentrate on the e-commerce behemoth’s retail segment, human resources, and gadgets unit, which contains voice-assistant Alexa.
A request for comment from Reuters was not immediately answered by the corporation.
Amazon had more than 1.6 million full- and part-time employees as of December 31, 2017, and it just announced it would pause corporate hiring for the foreseeable future.
Amazon’s announcement comes just after Amazon issued a growth slowdown warning for the crucial holiday season, when it generates the most sales, citing a decrease in consumer and company spending owing to rising prices.
Amazon: Amazon is the most recent US Company to drastically reduce its workforce in preparation for a future collapse in the economy.
Last Monday, Meta Platforms, a subsidiary of Facebook, announced it will reduce expenses by 13% by eliminating more than 11,000 jobs. Others include the Snap Inc., Microsoft Corp., and Twitter Inc. owned by Elon Musk.
Amid a broader tech selloff, Amazon shares, which have lost roughly 40% of their value so far this year, briefly trimmed losses and were last down 2.4% at $98.38.
This article has been directly published from a wire service feed without any text changes. The only change is to the headline
Why Amazon is going to lay off over 10.000 Employees?
In October As per a Report of Reuters Amazon cautions were more slow deals as economy weakens.
Amazon warns of slower sale The worsening global economy is hurting Apple and Amazon sales, the tech giants have warned, raising concerns about their upcoming profits.
After the US stock market closed, Amazon shares fell more than 15% as the company predicted much lower holiday revenues than was anticipated.
After announcing a decline in gaming and advertising demand, Apple shares also decreased.
Both mentioned how declining consumer purchasing power is a result of growing living expenses.
On a conference call to discuss the results, Amazon’s chief financial officer, Brian Olsavsky, said, “We’re really hopeful about the Christmas but we’re realistic that there are multiple issues weighing on people’s wallets.”s as economy weakens
The Founder of Amazon Jeff Bezos, recently cautioned about alarming economic signs, warning on Twitter that it was time to “batten down the hatches.”Even Apple, one of the most stable of the tech behemoths, has not been immune.
According to Apple, sales increased by 8% to $90.1 billion in the three months ending in September when compared to the same time last year.
Even so, the record-breaking quarter was hampered by weaker-than-anticipated iPhone sales and sluggish growth in China.
However, Apple executives issued a warning to investors, stating that they were observing weakness in digital gaming and advertising and anticipated a dramatic decline in Mac computer sales. A strong dollar would hurt business, they continued.
According to Sophie Lund-Yates, chief equities analyst at Hargreaves Lansdown, “Apple’s ability to sell expensive products in the current climate violates all the norms.”
“The vital holiday season is a crucial indicator for consumer sentiment, and there’s a chance Apple will lose some steam year over year when it comes to Christmas sales,” the author writes.
As more activity migrated online during the pandemic, both Apple and Amazon saw commercial booms.
However, as consumers start doing more of their shopping in-person again and change their purchasing patterns in reaction to rising prices, sales have dramatically slowed down over the past year.
Although Amazon’s overseas business declined, its overall revenues in the three months to September increased 15% year over year to $127.1 billion. In its profitable cloud services division, growth halted.
Sales of Amazon were robust in July, but they declined in August and September, particularly in Europe, according to Mr. Olsavsky, who attributed the decline to a “tougher recessionary climate.”
He noted that when prices for goods like fuel rise, profits are expected to suffer.
Concerning times for Amazon, in line with other big tech, according to PP Foresight analyst Paolo Pescatore. “This winter is expected to be one of unrest.”
Recent financial updates have also been the subject of executive discussion at several major tech companies, including Microsoft, Facebook, and Alphabet, the parent company of Google.
Q.What is the number of employees in Amazon?
Ans.14,68,000
Q.Is Amazon going to layoff?
Ans.Amazon plans to lay off approximately 10,000 people in corporate and technology jobs starting as soon as this week
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