Amazon plans to lay off to 10,000 employees

The New York Times reported on Monday that Amazon.com Inc. intends to fire 10,000 employees from corporate and technology positions beginning as soon as this week.

According to the article, which also stated that the final number of layoffs remains a moving target, the job cuts will concentrate on the e-commerce behemoth’s retail segment, human resources, and gadgets unit, which contains voice-assistant Alexa.

A request for comment from Reuters was not immediately answered by the corporation.

Amazon had more than 1.6 million full- and part-time employees as of December 31, 2017, and it just announced it would pause corporate hiring for the foreseeable future.

The announcement comes just after Amazon issued a growth slowdown warning for the crucial holiday season, when it generates the most sales, citing a decrease in consumer and company spending owing to rising prices.

Amazon is the most recent American firm to drastically reduce its workforce in preparation for a future collapse in the economy.

Last Monday, Meta Platforms, a subsidiary of Facebook, announced it will reduce expenses by 13% by eliminating more than 11,000 jobs. Others include Snap Inc., Microsoft Corp., and Twitter Inc. owned by Elon Musk.

Amid a broader tech selloff, Amazon shares, which have lost roughly 40% of their value so far this year, briefly trimmed losses and were last down 2.4% at $98.38.