Amazon, which announced 18,000 job cuts in January, is now planning another mini-restructuring and will lay off another 9,000 employees.
Targets will be: AWS cloud division, PXT division, advertising and streaming platform Twitch.
CEO Andy Jesse says the climate of uncertainty in the economy remains and these uncertain times will continue.
Amazon’s market cap is $1 trillion. The all-time high was in July 2021, over $1,800 billion.
Amazon has over a million employees
Like other big tech companies, Amazon has grown significantly during the pandemic, particularly in its cloud services and e-commerce divisions. In just two years, Amazon has grown as much as it has in nearly a decade, doubling its logistics network and increasing its workforce by several hundred thousand. It was too fast growth.
Towards the end of the pandemic, many people returned to brick-and-mortar stores, and Amazon had to implement a cost-cutting plan. The first phase was launched two months ago, the second will be implemented in the coming weeks.
Sources: AFP, Bloomberg
Photo source: Dreamstime.com
Source: Hot News
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