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Amazon is set to layoff thousands of staff

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2 years ago

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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.

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William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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ASX positioned for strong start after positive stock rebound

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3 days ago

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September 10, 2024

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The ASX is set for a solid opening today, bolstered by overnight gains in the banking, commodities, and energy sectors.

Despite these positive movements, analysts are suggesting that the stock rebound and bond decline appear to be technically driven, noting that it may not mark the beginning of a longer-term trend.

Market analyst David Scutt from StoneX joins to discuss the latest market movements. #featured #trending

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Elon Musk is projected to become the world’s first trillionaire

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3 days ago

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September 9, 2024

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Elon Musk, the visionary entrepreneur behind Tesla and SpaceX, is projected to achieve an unprecedented financial milestone by becoming the world’s first trillionaire by 2027.

Currently the richest person alive, Musk holds a staggering net worth of $251 billion, with Tesla playing a major role in his fortune.

At this rate, experts predict his wealth could skyrocket, reaching the trillion-dollar milestone in just three years.

Tesla itself is growing at a remarkable pace, with a market value nearing $670 billion. #featured #trending

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Treasury Secretary believes the U.S. are on track for a “safe landing”

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4 days ago

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September 9, 2024

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Treasury Secretary Janet Yellen pointed to a “soft landing” for the economy, with unemployment slightly down despite slower job creation.

In a recent interview on Bloomberg, Yellen stated that “For the US, the kinds of metrics that we would monitor that would summarise risks — whether it’s asset valuations or a good degree of leverage — things look good, I don’t see red lights flashing”. #featured #trending

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