Last year, Amazon was the latest Big Tech company to watch growth slow down from its pandemic-era tear, just as inflation being at a 40-year high crimped sales.
News of Amazon's cuts came the same day business software giant Salesforce announced its own round of layoffs, eliminating 10% of its workforce, or about 8,000 jobs. Salesforce Co-CEO Mark Benioff attributed the scaling back to a now oft-repeated line in Silicon Valley: The pandemic's boom times made the company hire overzealously. And now that the there has been a pullback in corporate spending, the focus is on cutting costs.
"As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing," Benioff wrote in aFacebook owner Meta, as well as Twitter, Snap and Vimeo, have all announced major staff reductions in recent months, a remarkable reversal for an industry that has experienced gangbusters growth for more than a decade.
For Amazon, the pandemic was an enormous boon to its bottom line, with online sales skyrocketing as people avoided in-store shopping and the need for cloud storage exploded with more businesses and governments moving operations online. And that, in turn, led Amazon to go on a hiring spree, adding hundreds of thousands of jobs over the past several years.
Why can’t be profit not that.
We told y’all to unionize
1.6% of their 1.1 million employees is not significant. It’s not aggressive, either.
Not to worry - they can code or build solar panels ……
150,000 seasonal workers. NPR can’t do journalism
Biden's America
Given how much people complain about how horrible it is to work for Amazon - isn't getting laid-off a good thing? Now those people are free to work for a company that treats them better.
This is because of your man POTUS he says he creates job, but what about this? Own up to it.
Dam that Trump guy and Russia. Oh and the unvaccinated, it’s all their fault.
Guess we won’t be seeing those recruitment commercials anymore 🫤
That number is way too low...needs to be in the 50K zone.
I thought this is the greatest economic recovery since the third reich.
I'm just SHOCKED that a retailer would fire people after their busy holiday season. SHOCKED I tell you.
The economy is doing great, President Biden said so.
They grew too quickly during the pandemic. Now they are adjusting.
Laying off 1.5% of its work force. Not a horrible number
They don't have enough people to do the work now & will expect the people left to do even more - it's the Amazon way.
Amazon
Didn’t they hire 500,000 over the past 4 years though?
6% workforce reduction, incoming PROFIT!!!
Unions win again
Yet Amazon spent $1.7B to buy Roomba vacuums. Choices were made with People’s livelihood being the cost
Atta boy Joe
Translation: this is the rarest thing to happen since 8 days ago
Amazon is a logistics company, not a technology company
Must be that amazing Biden economy, Biden energy policy, and Biden's Leftist spending policies.
Service is very lack luster, a dead shell of what it use to be. Not only have I found other services to replace it, but have canceled prime service as well.
Face facts. People are returning to the brick and mortar operations. That means less online. Few packages and associated services. This is the result. Of course, the Whackos at NPR have a different spin. Defund NPR.
Biden has destroyed the American consumers buying power with his inflationary polices causing Amazon to lay off thousands. More layoffs in construction coming. Yet most won't admit that voting for Biden was the wrong choice. He has been a disaster as president
Is Amazon hurting for money? We were told during the pandemic that opening up would prevent this kind of thing but you see it more and more, so why? Is it just a cold move to improve the stock?
So that's why the rest of my Christmas gifts still haven't arrived!
My friends, family & I deserve: UBI/national minimum wage at a living level, 100% service connected VA Medical to all, free lifelong education for all, cut Pentagon budget 50%. New top tax bracket 75% or higher on all income & wealth. Fully fund public education. Do you & yours?
And the service has gone to hell.
This seems to be a trend now. Is it truly less demand or saving costs for an M&A later in the year?
But Biden wants to hide the fact there’s a recession all to try and prove how much better president he is than Trump was. A career politician did worse than a common citizen at the job because he’s a puppet.
It’s mostly housecleaning. Culling the herd.
They're firing lousy salesmen and overweight women in HR... not the blue collar folks humping gear all day.
Great job liberals.
Amazon made $33b in 2021. Their current for 2022 was around $11b. They could more than easily afford that many employees, plus some.
They could save many millions by dropping Amazon Delivery. I live in the boonies, 30 minutes from town & can't believe they will use these vans over USPS to deliver my $8 purchase. It's insane.
Wow. How awful. Maybe cut c-suite salaries and bonuses
But the economy was doing so good according to this president and this administration and what you reported less than a month ago. Is there time still to blame Trump still or should we blame Putin the war or is there another nemesis?
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Source: CNBC - 🏆 12. / 72 Read more »