'I'm not even surprised as I'm used to hearing technology companies lay off workers.'
After losing $1 trillion in market value last week, Amazon.com Inc is now reportedly planning to cut 10,000 jobs to cover the losses.
According to internal sources, Amazon will lay off employees from its corporate and technology units beginning this week, which is said to affect 3% of the company's workforce.
In addition, the human resources division and the retail division were also hit after Chief Financial Officer Brian Olsavsky outlined a projected decline in consumer purchases in the company's earnings report.
Olsavsky comments that the company predicts a slowdown in sales growth during the holiday season (Christmas) with current inflation forcing consumers to spend less.
It was also hinted that Amazon would freeze its hiring program for a while especially after the company's stock plummeted this year.
Amazon's performance so far this year also appears to have collapsed by recording an annual operating loss of $5 billion.
However, it is not a surprise given that its rival from the technology industry, Meta Platform Inc, has also laid off workers after recording a decline in stock value.
On the other hand, Amazon owner Jeff Bezos will reportedly donate $124 billion of his fortune to combat climate change and global injustice.
As of this writing Amazon shares are trading 2.28% lower at $98.49.
