Amazon layoff 2023: Company to cut over 18,000 jobs
The layoff decisions, which Amazon will communicate starting Jan. 18, will largely impact the company's e-commerce and human-resources organizations, he said.
Amazon layoff 2023: Amazon.com Inc's (AMZN.O) layoffs will now stretch to more than 18,000 roles as part of a workforce reduction it previously disclosed, Chief Executive Andy Jassy said in a public staff note on Wednesday.
The layoff decisions, which Amazon will communicate starting Jan. 18, will largely impact the company's e-commerce and human-resources organizations, he said.
The cuts amount to 6% of Amazon's roughly 300,000-person corporate workforce and represent a swift turn for a retailer that recently doubled its base pay ceiling to compete more aggressively for talent.
Jassy said in the note that annual planning "has been more difficult given the uncertain economy and that we've hired rapidly over the last several years."
Amazon has more than 1.5 million workers including warehouse staff, making it America's second-largest private employer after Walmart Inc (WMT.N). It has braced for likely slower growth as soaring inflation encouraged businesses and consumers to cut back spending and its share price has halved in the past year.
It began letting staff go in November from its devices division, with a source telling Reuters at the time it was targeting 10,000 job cuts.
In number, its layoffs now surpass the 11,000 job cuts at Facebook-parent Meta Platforms Inc (META.O) as well as reductions at other tech-industry peers.
ALSO READ | CERC compensates imported coal-based power producers for higher running cost
Click Here For Latest Updates On Stock Market | Zee Business Live
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of 18x15x12 SIP Strategy: Know in how many years you can build Rs 1.14 crore corpus by investing Rs 15,000 monthly | See calculations
Top Gold ETF vs Top Silver ETF 1-year Return Calculator: Which has given higher return on Rs 10 lakh investment; see calculations to know that
08:15 AM IST