MarketE-commerce giant Amazon plans to lay off 10,000 employees...

E-commerce giant Amazon plans to lay off 10,000 employees starting this week.

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Amazon.com plans to lay off about 10,000 employees in administrative and technology roles starting this week, a source briefed on Monday said, in what could be the biggest cuts ever made by the company.

The job cuts, which The New York Times previously reported, will be about 3% of Amazon’s workforce. The exact number may vary as Amazon units revise their priorities, the source told Reuters.

The online retailer plans to cut jobs in its hardware division, which makes the Alexa voice assistant and home security cameras, as well as its retail and human resources divisions. When Amazon will notify its employees of the layoffs is unclear. The source attributed the drop to an uncertain macroeconomic environment facing Amazon and other companies.

The unit that includes Alexa posted an operating loss of more than $5 billion a year, and Amazon considered focusing on adding new features when customers only use the device for certain functions. Seattle-based Amazon expects sales growth to slow during the usually profitable holiday season.

Amazon is the latest US company to make deep cuts to its workforce to prepare for a possible economic downturn.

Facebook’s parent company Meta Platforms said last week it would cut more than 11,000 jobs, or 13 percent of its workforce, to cut costs. Other companies include Elon Musk’s Twitter, Microsoft and Snap.

Slowing economic growth and high labor and transportation costs have prevented companies from hiring large numbers of workers during the coronavirus pandemic, as demand for e-commerce and other online services has surged.

Now that rising prices and borrowing costs are hurting consumer demand, many are considering cutting jobs.

Amazon shares have lost more than 40% of their value this year. It fell 1.1% to $99.67 a share in afternoon trading.

Source: EuroNews

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