Amazon To Lay Off 10,000 Employees?

According to reports, Amazon, the world's largest online retailer is planning to lay off employees to cut costs after being unprofitable for the past few quarters.

Approximately 10,000 layoffs would be the largest in Amazon's history. This would represent less than 1% of a company with 1.6 million employees worldwide.

The job cuts will target the devices group, including the one responsible for the Alexa voice assistant and the retail division and HR, NYT reported citing anonymous sources.

After a months-long review, the e-commerce giant has cautioned employees in some unprofitable units to look for other opportunities within the company, the Wall Street Journal reported.

The report comes just weeks after Amazon warned of a slowdown in growth for the busy holiday season, a period when it used to generate the highest sales. As a result of rising prices, consumers and businesses have less money to spend.

Amazon has spent much of this year adjusting to a sharp slowdown in e-commerce growth as shoppers resumed pre-pandemic habits. The company delayed warehouse openings and froze hiring in the retail group.

Due to slowing sales growth and economic uncertainty, Amazon CEO Andy Jassy has vowed to streamline operations.