Amazon is reportedly joining other major companies in implementing a wave of layoffs ahead of next year.
The New York Times reported the retail giant’s plans to let go of approximately 10,000 workers with its corporate and technology divisions being the most affected. Other downsizings will reportedly happen in the retail division and human resources departments. This will reportedly be the largest wave of layoffs in the company’s history, which boasts a total workforce of more than 1.5 million people, with the majority being hourly workers.
The timing of the layoffs is interesting, as there’s a boom expected just as the holiday shopping season begins. Experts are saying this is a clear indication of growing economic fears as a 2023 recession looms.
As Bloomberg points out, Amazon has been challenged with living up to its normal revenue standards, particularly after its surge period during the pandemic. Prior to these reported layoffs, the company had also announced a hiring freeze and closed its telehealth service, a number of warehouses ad its retail book locations.
The company’s stock is also down 42%.
This comes on the heels of other major tech layoffs from companies like Meta and Twitter who have already or plan to let go of thousands of workers.
Twitter’s new owner, Elon Musk laid off nearly half of the social media company’s workforce earlier this month following claims that the platform wasn’t generating enough money.