Amazon to lay off 10,000 employees in preparation for tech downturn

Amazon
A monitor displays Amazon.com Inc. stock information at the Nasdaq MarketSite in New York, U.S., on Tuesday, Sep. 4, 2018. Amazon.com Inc. briefly became America's second trillion-dollar company on Tuesday after adding $434 billion to its market cap this year. (Jeenah Moon/Bloomberg)

Amazon to lay off 10,000 employees in preparation for tech downturn

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Amazon intends to lay off thousands of workers in what some call the most significant round of cuts in the company’s history.

The company will lay off an estimated 10,000 workers in corporate and technology jobs starting as soon as this week, according to the New York Times. The jobs account for roughly 3% of Amazon’s workforce. Other tech companies are making similar cuts in preparation for an expected economic downturn in the industry.

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The job cuts are expected to focus on Amazon’s devices department and its retail and human resources division. Amazon had alluded to future layoffs when it froze corporate hiring in early November.

The layoffs also arrive less than a month before the holidays, when the company sees a surge in business. The job losses will also not affect the company’s warehouse hiring plans, which include adding more than 150,000 jobs over the holidays.

Amazon is not the first Big Tech company to lay off workers this fall. Facebook parent Meta laid off more than 11,000 workers last week while providing extensive benefits.

Twitter also cut an estimated 3,700 workers last week under the leadership of its new owner, Elon Musk.

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The financial tech company Stripe announced Thursday that it had laid off more than 1,000 employees in preparation for “leaner times.”

The ride-sharing company Lyft announced that it was laying off 13% of its staff, citing a “probable recession.”

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