Amazon plans to lay off thousands of employees, reports The New York Times

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Amazon plans to lay off thousands of employees, reports The New York Times
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Amazon plans to lay off some 10,000 business and technology employees, The New York Times reported Monday, citing unnamed sources with knowledge of the matter.

The job cuts could begin as early as this week and will likely include staff working on Amazon devices (like its Alexa voice assistant), as well as people in its retail and human resources divisions, according to the report. “The total number of layoffs remains fluid,” the report said.

Amazon did not immediately respond to CNN Business’ request for comment on Monday. CNN was unable to independently confirm the report. The Wall Street Journal also reported on Monday that Amazon was preparing to lay off thousands of workers, citing a person familiar with the matter.

The news would make Amazon the latest in a string of tech companies that have announced significant layoffs in recent weeks, amid broader economic uncertainty and a marked slowdown in demand that many tech giants technology have seen during the pandemic, causing them to add staff quickly. Last week Meta, Facebook’s parent company, announced that it would be laying off 11,000 employees.

Earlier this month, Amazon said it was freezing corporate hiring “for the next few months”, citing economic uncertainty and “the number of people we’ve hired” in recent years. Amazon has rapidly increased its workforce as the pandemic has shifted consumer habits and spending toward e-commerce. In its latest earnings report, however, Amazon expected its holiday quarter revenue to be weaker than analysts had expected.

Amazon shares have fallen more than 40% in 2022 so far amid a broader market decline.

The news of potential layoffs comes at a crucial time for the retail industry, ahead of the holiday shopping season. Despite recession fears and inflationary pressures, the National Retail Federation predicts sales will increase 6% to 8% year-over-year during the holiday shopping months.

Last month, Amazon founder Jeff Bezos tweeted about the possibility of an impending recession, writing, “the odds in this economy are telling you to batten down the hatches.” In an interview with CNN’s Chloe Melas on Saturday, Bezos said the advice was for business owners and consumers. “Take some risks off the table,” he said. “Just a little risk reduction could make a difference.”

The-CNN-Wire

& 2022 Cable News Network, Inc., a Warner Bros. Company. Discovery. All rights reserved.

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