Learn of Today: Amazon to slash more jobs. What to learn from it?
$Amazon(AMZN.US$ is laying off more than 18,000 workers, much more than the 10,000 previously planned.
“These changes will help us pursue our long-term opportunities with a stronger cost structure.” Said its Chief Executive Officer Andy Jassy in a memo to staff.
The peak of employee size occurred in Q3 and Q4 in 2021, which is also a turning point when the financial report shows a year-on-year decline in operating profit.
Amazon's closing price on Wednesday, January 2023 was down 55% from its July 2021 all-time high of $188.654.
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RJBoy : I believe this shows of bad times, when a big company finally decides to cut costs and lay off a bunch of workers. The bad thing is they are laying off more people then originally thought.
Ixy The Cat : The recession is truly here, at least for the US economy. Salesforce cutting 10% of workforce, Amazon's largest staff firing in its history, fudged govt job numbers, high interest rate environment, highest consumer debt levels, and so many indicators point to decline.
727727727 : Amazon has lost their way and core business is suffering. They need to trim the fat and refocus toward profitability.