Amazon is set to become the next tech giant to layoff thousands of staff

There are new reports Amazon is planning to cut 10,000 jobs as the tech sector struggles to cope in this unstable economic market.

The layoffs will primarily occur within the corporate and technology departments.

Shares of Amazon closed down about 2 per cent on Monday. They’ve fallen a total of 41 per cent in 2022, with the company hurtling towards its worst performing year since 2008.

The layoffs will represent under than 1 per cent of Amazon’s total global workforce and 3 per cent of corporate employees.

The tech giant had 1.6 million full and part-time employees at the end of 2021.

The cuts will be the biggest in the company’s history, but they’re not completely out of the blue.

Headcount reductions are becoming commonplace right across the tech sector.

https://twitter.com/QasimRashid/status/1592296893790330882?s=20&t=K-P4NoaXUsTrylDZgs6mTQ

Just days ago, Facebook’s parent company, Meta announced 13 per cent of its staff, or around 11,000 employees, are getting the chop.

Twitter also laid off half its workforce following Elon Musk’s $44 billion acquisition.

Meanwhile, the total number of upcoming layoffs at Amazon “remains fluid” and could change at any moment.