November 29, 2022

Raven Tribune

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The CEO says Amazon’s layoffs will continue into the next year

Amazon CEO Andy Jassy said layoffs will continue into the new year new note Thursday.

The announcement comes a day after the tech company began laying off workers on its hardware team, which focuses on products like voice-activated Alexa, according to the company. note From Dave Limp, Senior Vice President, Devices and Services.

“This year’s review is made more difficult by the fact that the economy is still in trouble and we’ve hired quickly the last several years,” Jassy said Thursday.

Jassy said decisions about Amazon’s last role cuts will be shared in early 2023. He said it’s not yet certain how many jobs will be affected, though the cuts will affect Amazon Stores, People Experience and Technology Solutions, he said.

The move adds the company to the list of big tech companies it has Forced job cuts In recent weeks, including Meta, Twitter and Facebook.

Limp’s memo didn’t provide details on the size of the layoffs, but the job losses arrive at a time when the company typically expands its workforce during the busy holiday season.

“We continue to face an unusual and uncertain macroeconomic environment,” Limp’s note said. “After a deep set of reviews, we recently decided to merge some of the teams and programs.”

“In cases where employees are unable to find a new role within the company, we will support transition with a package that includes severance payments, transitional benefits, and external placement support,” the memo added.

Layoffs follow deep job cuts at other big tech companies, as industry giants pull out Record sales It was achieved during a pandemic, when billions around the world were forced into isolation. Customers stuck at home have come to rely on delivery services such as e-commerce and virtual connections shaped through social media and video conferencing.

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However, persistent fears of an economic recession, rising interest rates, and a shift to a pre-pandemic lifestyle have occurred crushed technology sector.

Andy Jassy, ​​CEO of Amazon.Com Inc. , during the Bloomberg Technology Summit in San Francisco, June 8, 2022.

David Paul Morris/Bloomberg via Getty Images

Under new owner Elon Musk Twitter laid off – laid off temporarily nearly half of its 7,500-person workforce, citing losses of about $4 million per day.

Days later, dead announce It will cut about 11,000 employees, roughly 13% of its workforce. company mentioned Second consecutive quarter of declining sales last month.

Lyft, Netflix, Coinbase, Salesforce, Microsoft and Snap are among a slew of other technology companies that have laid off workers this year.

Image: The Amazon logo appears at the entrance to Amazon's Shannon Building in Dublin.

The Amazon logo appears at the entrance to Amazon’s Shannon Building in Dublin.

Photo by Artur Widak/NurPhoto via Getty Images

The tech-heavy Nasdaq is down more than 25% in 2022. Shares in Amazon are down 18% this year.

Third quarter profits Earnings released by Amazon last month fell short of analyst expectations, sending the stock down 13% in extended trading on the day of the announcement.