• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Investing Amazon to lay off a lot more employees than initially planned
Investing

Amazon to lay off a lot more employees than initially planned

by January 5, 2023
by January 5, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Amazon.com Inc (NASDAQ: AMZN), on Thursday, revealed plans of laying off 18,000 employees worldwide – a much bigger number than the one it suggested in its previous update.

Amazon shares in the red again

According to the tech behemoth, majority of these job cuts will affect its store employees and ones in the PXT (People, Experience, and Technology) groups. In a memo to employees, CEO Andy Jassy wrote:

These changes will help us pursue long-term opportunities with a stronger cost structure. However, I’m optimistic that we’ll be inventive, resourceful, and scrappy in this time when we’re not hiring expansively and eliminating some roles.

A day earlier, its cloud peer Salesforce Inc also said it will lower its global headcount by about 10% (read more). Amazon shares are now trading below the low they made at the peak of the COVID crisis.

Expert sees more job cuts ahead

At the end of Q3, Amazon.com Inc had a massive workforce comprising 1.54 million people after it aggressively overbuilt capacity during the pandemic.

The multinational will start to inform those that are being let go from January 18th. Reacting to the announcement on CNBC’s “Worldwide Exchange”, Richard Kramer of Arete Research said:

We’re seeing the first round of cuts that typically come in threes. First cut is to look at everything that’s not essential and shed that. Then, you look at what you can do to improve productivity. And I think third round is a way away from now.

Despite the ongoing tech layoffs, Automatic Data Processing (ADP) reported a meaningfully better than expected growth in monthly private payrolls on Thursday.

The post Amazon to lay off a lot more employees than initially planned appeared first on Invezz.

You Might Also Like
  • Lululemon stock is down 13% today: buy the dip?
  • Mizuho’s Dan Dolev is ‘super excited’ about this fintech stock
  • Are energy stocks worth owning for 2023?
  • Is it too late to invest in the Biotech stocks?
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Silvergate Capital shares plunge nearly 50% amid crypto-related negativity
next post
Buy Microsoft stock on the coming ChatGPT-enabled Bing: Analyst

You may also like

What Is An Implied Volatility Crush

January 16, 2023

Cramer’s take on Disney’s proxy fight with Nelson Peltz

January 13, 2023

Is it safe to buy Baron Oil shares amid the...

December 27, 2022

Consumer price inflation almost at its peak, says ECB economists

December 6, 2022

4 takeaways after the last Federal Reserve rate hike

December 15, 2022

Disney+ ad-supported tier may not be a big hit: here’s...

December 8, 2022

A homebuilder stock that could more than double from here

December 13, 2022

Long Put Option Strategy

October 11, 2023

In The Money (ITM) Options Explained

April 20, 2023

AMC shares opened 25% down on Thursday: find out more

December 22, 2022

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Dick’s Sporting Goods stands by full-year guidance — even with tariffs looming

      May 28, 2025
    • Top Sectors to Watch + The 18 SMA Setup Every Trader Should Know

      May 28, 2025
    • Macy’s CEO says retailer will hike some prices as tariffs cut into profits

      May 28, 2025
    • 23andMe to delist from Nasdaq, deregister with SEC

      May 28, 2025
    • Walmart fined for shipping realistic toy guns to New York, violating state law

      May 28, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,763 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,470 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,449 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,427 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,305 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,101)
    • Investing (538)
    • Stock (2,576)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Dick’s Sporting Goods stands by full-year guidance — even with...

      May 28, 2025
    • Top Sectors to Watch + The 18 SMA Setup Every...

      May 28, 2025
    • Macy’s CEO says retailer will hike some prices as tariffs...

      May 28, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,101)
    • Investing (538)
    • Stock (2,576)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Buy Microsoft stock on the coming...

    January 5, 2023

    American Airlines lifts Q4 guidance on...

    January 12, 2023

    Should I buy Salesforce shares after...

    December 8, 2022
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here