by ZeroHedge News
Over the past month, tech companies have laid off tens of thousands of employees. And the the surge in layoffs only seems to be getting worse.
According to a new report via NYTimes this morning, Amazon could increase the count this week as approximately 10,000 people in business and technology jobs will be cutin what could be the the largest job cut in the company’s history.
People with direct knowledge of the layoffs plan said The job cuts would focus on Amazon’s devices organization, including the Alexa voice assistant, its retail division and human resources.
“The total number of layoffs remains fluid. But if it sticks around 10,000, that would represent roughly 3 percent of Amazon’s corporate employees and less than 1 percent of its global workforce of more than 1.5 million, which is composed primarily of hourly workers,” the NYTimes said.
The deterioration of the macroeconomic environment led the second largest employer in the United States to announce a hiring freeze in early October (read: here). Amazon’s recruiters were ordered to halt all hiring for “corporate roles, including technology positions, globally in its Amazon Stores business, which covers the company’s retail and operations and accounts for most of Amazon’s sales” in mid-October. Then, in late October, the company froze hiring for its lucrative web services division, Amazon Web Services.
Amazon stock took a dive on today’s news.
Amazon would become the latest tech company to downsize. In the past few months alone, Twitter, Facebook parent Meta, ride-hailing company Lyft, software services company Salesforce, payments platform Stripe and a growing list of tech companies have announced layoffs of engineers, vendors and support staff.
Redundancies in 2022 (% of workforce):
1. Twitter: 50%
2. Intel: 20%
3. Snapchat: 20%
4. Coinbase: 18%
5. Goal: 13%
6. Redfin: 13%
7. Credit Suisse: 5%
8. Goldman Sachs: 3%
9. Microsoft: 1%
10. Amazon: Hiring Freeze
11. Apple: Hiring Freeze
The layoffs are spreading beyond technology.
— The Kobeissi Letter (@KobeissiLetter) November 13, 2022
“It looks a bit like 2000,” Lise Buyer, a technology analyst, executive and investor, recently told WaPo.
The tsunami of layoffs comes after Silicon Valley peaked last year. Since then, the NYSE FANG+ index, a basket of tech stocks including Alphabet’s Facebook, Apple, Amazon, Netflix and Google, has plunged 42% from its 2021 peak.
Read the full article at ZeroHedge News.
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Great technological shock! Twitter close to bankruptcy, Amazon’s first company to lose $1 trillion, Facebook lays off 11,000 employees
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Published on November 14, 2022
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