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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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Why the meme-stock frenzy is unlikely to repeat

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5 days ago

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May 14, 2024

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GME shares surge 74%, but experts stress a meme-stock frenzy resurgence is unlikely due to fundamental differences in the company’s financial situation.

Australia’s budget unveils a second consecutive surplus of A$9.3 billion, prioritising the critical minerals industry and green energy initiatives to reduce reliance on Chinese supply.

Also, GameStop shares have surged 74%, but experts caution against expecting a repeat of the 2021 meme-stock frenzy. #featured #trending

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Why are airlines after the Biden Administration?

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5 days ago

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May 14, 2024

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Major airlines are taking legal action against the Biden administration over a newly implemented rule requiring them to disclose fees upfront.

On this episode of Hot Shots – Major airlines are suing the Biden Administration, AI-piloted fighter jets, SpaceX faces funding challenges, and Apple receives crushing feedback.

Ticker’s Ahron Young & Veronica Dudo discuss. #featured #trending

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The mounting pressure on Government spends

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6 days ago

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May 13, 2024

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Questions abound regarding the factors fueling this inflation surge in Australia and whether it correlates with the escalating government expenditures.

Concerns extend to how Chalmers navigates the mounting pressure amid discrepancies in spending allocations.

Moreover, as Australians grapple with the reality of rising living costs, the feasibility of cutting spending becomes a pressing issue. Additionally, amidst economic uncertainties, individuals seek guidance on managing stock market risks effectively. #Featured #Trending

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