Amazon Reportedly Preparing For Large-Scale Layoffs

Following the path of several other major tech companies, $Amazon(AMZN.US)$ is planning to lay off thousands of workers as the e-commerce leader continues a broad cost-cutting review, according to news reports. AMZN stock fell Monday.
The layoffs, reportedly of about 10,000 employees, are expected to begin this week. They are focused on devices (including its line of Alexa smart speakers), its retail division and human resources, said a report in the New York Times.
The round of layoffs will account for about 3% of its corporate staff and less than 1% of its global workforce. Amazon has 1.5 million full- and part-time employees. The company already had announced plans to freeze hiring for corporate roles in its retail division.
Amazon stock dropped 2.3% to close at 98.49 on the stock market today.

Additional Big Tech Layoffs
The Amazon layoffs follow those of $Meta Platforms(META.US)$ , which plans to slash about 11,000 jobs, and $Twitter (Delisted)(TWTR.US)$ , which is shaving 3,700 jobs, or about half its staff.
Elsewhere, ride-hailing company $Lyft Inc(LYFT.US)$ said it is cutting 700 jobs, or about 13% of its workforce.
Also, Stripe expects to cut 14% of its staff. $Snap Inc(SNAP.US)$ and $Salesforce(CRM.US)$ also have recently shed workers.
Companies have been hit by a sharp slowdown in digital ad spending, in addition to a weakening economy, inflation and rising interest rates.