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

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

The layoffs will mainly affect the technical department involved in the development of equipment, the human resources department and the sales department of Amazon, in total, about 3 percent of all Amazon employees will be fired, and the company itself does not officially comment on the reduction in staff.

The company will lay off employees of the technical department that develops hardware, the personnel department and the sales department of the company.

Amazon’s workforce has almost doubled in the past two years, but its 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 posted big losses and decided to lay off thousands of their workers en masse, signaling a recession.

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

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

Source: TASS