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Amazon Prepares for Massive Job Cuts
Washington Post: Amazon plans to carry out massive layoffs as soon as this week, cutting roughly 10,000 jobs and adding to a growing wave of cuts hitting the sputtering big tech industry. Amazon’s cuts will be within teams on its corporate workforce, according to a person familiar with the matter who spoke on the condition of anonymity to discuss private business matters. It also would become the latest big tech company to enact huge cuts this year as the industry reckons with the possible end of a decade of explosive growth. Facebook, Twitter, Salesforce and other tech companies have already made big cuts this year — a jarring turnaround for the industry that was once thought of as nearly invincible (Washington Post). Reporter Lisa Abramowicz: Big Tech’s job cuts keep mounting, hinting at the industry’s angst in a post-pandemic, post-free money era (Twitter).
Washington Post: Amazon plans to carry out massive layoffs as soon as this week, cutting roughly 10,000 jobs and adding to a growing wave of cuts hitting the sputtering big tech industry. Amazon’s cuts will be within teams on its corporate workforce, according to a person familiar with the matter who spoke on the condition of anonymity to discuss private business matters. It also would become the latest big tech company to enact huge cuts this year as the industry reckons with the possible end of a decade of explosive growth. Facebook, Twitter, Salesforce and other tech companies have already made big cuts this year — a jarring turnaround for the industry that was once thought of as nearly invincible (Washington Post). Reporter Lisa Abramowicz: Big Tech’s job cuts keep mounting, hinting at the industry’s angst in a post-pandemic, post-free money era (Twitter).
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Posted from washingtonpost.com
Amazon
Employment
Jobs
Business
Technology
Edited 3 y ago
Posted 3 y ago
Responses: 7
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But the Bezos WAPO said the economy was doing really good. They couldn't have been gaslighting us, could they?
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I think Lt Col Charlie Brown is right that it is mostly from the inflation, but also to a lesser degree regarding the shopping habits returning to somewhat normal that MSgt Dale Johnson mentioned.
In 2020 and 2021 there was almost a quarter-trillion dollars in increased online buying. There was a large ramp-up in employees at many of the online retailers (Amazon included). Projections are that e-commerce is going to continue to grow, but not at such a pace as it did during the pandemic.
Two thirds of Amazon's expenses are "cost of sales" which include everything from getting a product to selling the product. Their cost are heavily influenced by shipping costs and have been going up a lot lately.
I'm sure the hit they've been taking to their stock has many of the investors antsy as well ($183/share a year ago to $90/share at the beginning of the month)...
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* https://www.macrotrends.net/stocks/charts/AMZN/amazon/cost-goods-sold
In 2020 and 2021 there was almost a quarter-trillion dollars in increased online buying. There was a large ramp-up in employees at many of the online retailers (Amazon included). Projections are that e-commerce is going to continue to grow, but not at such a pace as it did during the pandemic.
Two thirds of Amazon's expenses are "cost of sales" which include everything from getting a product to selling the product. Their cost are heavily influenced by shipping costs and have been going up a lot lately.
I'm sure the hit they've been taking to their stock has many of the investors antsy as well ($183/share a year ago to $90/share at the beginning of the month)...
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* https://www.macrotrends.net/stocks/charts/AMZN/amazon/cost-goods-sold
Amazon Cost of Goods Sold 2010-2022 | AMZN
Amazon annual/quarterly cost of goods sold history and growth rate from 2010 to 2022. Cost of goods sold can be defined as the difference between beginning and ending inventories for tangible products resulting in an expense that reflects production and sales costs. Amazon cost of goods sold for the quarter ending September 30, 2022 was $70.268B, a 11.66% increase year-over-year. Amazon cost of goods sold for the twelve months ending September...
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