"New York Times"Amazon plans to lay off 10,000 employees next week

The New York Times reported, citing Amazon sources, that the largest e-commerce company plans to lay off 10,000 employees next week, signaling a US recession.

The layoffs will mainly affect Amazon’s technical department, which develops hardware, the human resources department and sales departments. In total, about 3 percent of all Amazon employees will be laid off. The company itself does not officially comment on the staff reduction.

The company will dismiss employees of the technical department involved in the development of equipment, the personnel department and the sales department of the company.

Amazon’s workforce has nearly doubled in the past two years, but revenue growth has slowed, with the New York Times linking upcoming layoffs to a growing sense of stagnation in the US, according to the outlet.

In recent weeks, major companies such as Twitter and Meta have announced that they have suffered heavy losses and have decided to lay off thousands of their workers en masse, indicative of a recession.

In another context, e-commerce giant Amazon became the first company in the world to lose a trillion dollars of its market value due to concerns about its future.

Bloomberg previously reported that the decline in the company’s market value was due to a combination of reasons, including high inflation, monetary tightening and disappointing earnings, which led to a historic sale of the company’s shares this year.

Source: TASS

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