iifl-logo-icon 1
IIFL

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth-based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
sidebar image

Amazon may lay off 10,000 employees

15 Nov 2022 , 11:43 AM

According to sources cited by the New York Times on Monday, Amazon.com Inc. is set to fire up to 10,000 employees in corporate and technological positions starting this week.

According to the article, which also stated that the overall number of layoffs remains a moving target, "the layoff would centre on the e-commerce giant's devices unit, which contains voice-assistant Alexa, as well as its retail division and human resources," as per media reports.

Amazon follows a number of American businesses in drastically reducing their workforces in order to prepare for a possible economic slump.

By December 31, 2021, Amazon had roughly 1,608,000 full-time and part-time employees.

Last Monday, Meta Platforms announced it will reduce expenses by 13% by eliminating more than 11,000 jobs.

Recently, Amazon had been trying to keep its staff. The e-commerce giant increased the cash compensation cap for its tech employees by more than twice as much earlier this year, citing "a particularly competitive labour market."

According to a NYT article, 10,000 or about 3% of Amazon's corporate employees would lose their jobs.

However, earlier this year, as the pandemic's bullwhip broke, Amazon's growth dropped to the lowest rate in two decades. The company's initiatives to overinvest and expand quickly came at a hefty cost, and changes in consumer behaviour and high inflation hurt revenues.

Although growth in Amazon's most recent quarter saw a little improvement, the company has warned investors that growth could yet slow down.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • Amazon
  • Big Tech
  • IT
  • lay-off
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More

Most Read News

NHPC net profit declines 18%, shares down
18 May 2024|10:24 AM
Indian markets end the day in Green
18 May 2024|12:12 AM
Read More
Knowledge Centerplus
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Knowledge Centerplus

Follow us on

facebooktwitterrssyoutubeinstagramlinkedin

2024, IIFL Securities Ltd. All Rights Reserved

ATTENTION INVESTORS
  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

RISK DISCLOSURE ON DERIVATIVES
  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

plus
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.