Amazon has announced a second wave of cutbacks, joining Facebook-parent Meta as the second bellwether to do so.
The company has hired a sizable number of people in the last few years, according to CEO Andy Jassy, but the unstable economy has pushed it to pick between cost and personnel reductions.
According to a statement made by Amazon last month, operating profit may continue to decline in the upcoming quarter as a result of consumers' and cloud users' restrained spending.
During the fourth quarter, sales from its profitable cloud computing sector decreased. The company's cloud services, advertising, and Twitch operations would see the majority of the losses.
Following hiring binges sparked by the pandemic that left them overstaffed, many tech, including Microsoft Corp, Salesforce Inc, Alphabet, and Meta Platforms, have eliminated 1000 of workers recently.
Like its virtual primary care offering for companies, Amazon has reduced or completely stopped supplying certain of its services. During Nasdaq morning trading, Amazon shares fell 1.1%.
Following the initial round of layoffs in the fall that resulted in the loss of more than 11,000 positions, Facebook parent company Meta Platforms announced it would lose 10,000 jobs this year..