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Once the layoffs are complete within a few weeks, Amazon will lay off more than 5% of its workforce, making investors feel better about their bottom line.
Tech companies are consolidating their workforces after a tough year in 2022. Apple announced it would slow down hiring, and Amazon began laying off a large number of employees.
Previous reports said the layoffs would amount to about 10,000 employees by the time Amazon completes them.However, a new report by the government wall street journalCiting Amazon itself, the total is set to exceed 18,000 in the coming weeks.
Amazon is one of many companies that have increased their workforce as a result of Covid-19. Due to the high demand for online shopping in 2020-21, Amazon has doubled its logistics network and employed hundreds of thousands of people.
As the world opened up again and in-person work and shopping resumed, Amazon felt the pressure. It started by cutting spending, freezing hiring and finally deciding on layoffs. Her 18,000 laid-off workers at Amazon are the most laid off by a tech company in recent months.
Employees laid off included those in the device business, recruiting, and retail operations. This cuts him by 5% across Amazon’s corporate staff.
So far, Wall Street has been unimpressed. The consensus is that cuts aren’t going far enough and Amazon needs to cut costs further.
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