HomeIndustriesAmazon Doubles Down On Layoffs, Will Trim Its Workforce by Another 9,000...

Amazon Doubles Down On Layoffs, Will Trim Its Workforce by Another 9,000 Employees

Amazon continues to trim its workforce as the company looks to cut costs and run a more efficient organization. The company’s CEO Andy Jassy sent out a memo to the staff on Monday informing them that 9,000 employees will be laid off in the coming weeks.

Back in November, Amazon had its first big round of layoffs, parting ways with 10,000 workers. This was followed by the exit of another 8,000 employees in early 2023. At the time, affected teams felt caught off guard by the actions, which is why the company has now decided to make an early announcement.

Reuters reports that the layoffs will affect teams involved in Amazon Web Services and other “advertising and cloud computing divisions” as well as the streaming platform Twitch. Around 400 Twitch employers will be laid off, according to a blog post published by Twitch CEO Dan Clancy.

“Like many companies, our business has been impacted by the current macroeconomic environment, and user and revenue growth has not kept pace with our expectations. In order to run our business sustainably, we’ve made the very difficult decision to shrink the size of our workforce,” Clancy wrote.

Amazon has made several other moves in 2023 to cut costs, including putting an end to some experimental projects and closing several of its cashierless Amazon Go stores. Eight stores in total are set to close in Seattle, San Francisco, and New York.

Amazon’s stock surged around 3 percent on Tuesday, trading at $100.66 before close hours. The company’s shares are 17 percent up year-to-date.

U.S. Futures Mixed as Investors Observe Labor Data

Futures on the New York Stock Exchange were mixed on Thursday as investors analyzed labor data to gauge the potential path forward for interest...

JetBlue Stock Jumps Following Adjusted Forecast

JetBlue Airways shares jumped by 7% in premarket trading on Thursday after the U.S. airline narrowed its annual adjusted loss forecast. With a previous...

Toyota to Sell Entire Stake in Harmonic Drive Systems

Harmonic Drive Systems, a Japanese maker of speed reducers, confirmed that Toyota Motors is set to sell its entire share in the company. Following...