The Clap
Amazon (NASDAQ: AMZN) is considering laying off around 10,000 employees, following in the footsteps of fellow tech giant Meta (NASDAQ: META).
The Deets
The job cuts would represent around 1% of Amazon’s global workforce and would make this the largest number of job cuts in the company’s history.
The total number of job cuts could potentially still change as Amazon studies the situation further.
So What
In the past, Amazon would increase its headcount during the holiday season in order to meet increased demand.
However, the company has adopted a more conservative strategy, as it looks to cut costs amid ongoing economic pressure and changing consumer behavior.
Now What
Amazon’s Q3 earnings came in below expectations, concerning investors and driving shares down. Amazon is down around 41% since the start of the year.
