Year to date, the company’s stock is down 42%. Previous to these reported cuts, the company had announced a hiring freeze and shut down its telehealth service and closed or abandoned dozens of warehouses as well as its retail book locations. We expect 50 of the jobs to be tech related and the remainder to fulfill typical corporate support roles in areas such as legal, accounting, HR and more. And Google has shut down divisions, including Hangouts and Stadia, but has not announced mass layoffs to date.Įlon Musk, meanwhile, laid off much of Twitter’s workforce earlier this month (reportedly half), following his $44 billion purchase of the social media site.Īmazon has struggled, by its standards, after surging during the pandemic, as the e-commerce boom has fallen back to earth, but Amazon’s hiring patterns had kept soaring until recently. Netflix, in May and June, cut 450 jobs, making up roughly 4% of its workforce. Meta last week laid off 13% of its staff, cutting roughly 11,000 positions. The timing of the cuts, just as the holiday shopping season gets underway, is unusual and shows growing economic fears among big tech companies.Īmazon would also just be the latest FANG stock to reduce its workforce. All totaled, the company employs more than 1.5 million people, mostly hourly workers. Other cuts will come in its retail division and human resources, the Times further reported, citing people with knowledge of the matter. That’s the unit that makes the Echo (and voice assistant Alexa), Kindle, and other consumer products. The New York Times reports the retailer will lay off approximately 10,000 workers, largely in its devices organization. Amazon is pausing hiring for roles in its corporate workforce, the company announced in a memo to staff Thursday.
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