Amazon plans to fire 20,000 employees, including top managers

[areyentiraidhi]

The action comes as all the departments in various regions are being reviewed rigorously so as to do cost cutting

FP Staff December 05, 2022 13:58:14 IST

Amazon. AP

Amazon is reportedly planning to fire 20,000 employees currently working in the company. The e-commerce giant will be going through a massive layoff and the employees will be fired from their distribution centres located in several regions in the coming months.

According to a report by DNA, the corporate executive and technology staff will be also be fired by the company.

The action comes as all the departments in various regions are being reviewed rigorously so as to do cost cutting. If Amazon lays off 20,000 employees, this would mean a reduction in over six per cent of its corporate staff, and nearly 1.3 per cent of its 1.5 million-strong workforce that also included global distribution center and hourly workers.

The impacted employees reportedly will be given a 24-hour notice and severance pay in accordance with their company contracts.

Notably, CEO Andy Jassy earlier while hinting about the layoff, had not clearly specified the number of employees that will be laid off. “Our annual planning process extends into the new year, which means there will be more role reductions as leaders continue to make adjustments. Those decisions will be shared with impacted employees and organisations early in 2023,” Andy said in a written message sent on 17 November.

He added, “We haven’t concluded yet exactly how many other roles will be impacted (we know that there will be reductions in our Stores and PXT organisations), but each leader will communicate to their respective teams when we have the details nailed down. And, as has been the case this week, we will prioritise communicating directly with impacted employees before making broad public or internal announcements.”

“We haven’t concluded yet exactly how many other roles will be impacted (we know that there will be reductions in our Stores and PXT organisations), but each leader will communicate to their respective teams when we have the details nailed down,” the CEO stated.

[Anta Assamey]

1 % of the employees are being fired anamata....

[hunkyfunky2]

Amazon, not AWS - that's where majority of software engineers work.

Even in Amazon, <2 % is nothing - they usually lose that by attrition. This is just a PR move to shore up stock price

[csrcsr]

elagu vaadi 6% PIP untadi 

[Fish]

[lddaritho]

8 minutes ago, csrcsr said:

elagu vaadi 6% PIP untadi 

Post proof 

[aksram]

Please check this news only reported by Indian Media. Creating fear mongering.

[allbakara]

areyentiraidhi

[VendyHalwa]

health care layoff vastunaya

[andhra_jp]

Amazon Nightmare Is Reminiscent of the Dotcom Collapse

The e-commerce giant is having one of its worst years in the stock market since the bursting of the internet bubble in 2000.

The e-commerce giant undoubtedly wants to put 2022 behind it and get out of what appears to be a real stock market nightmare.

The numbers speak for themselves: The Amazon stock closed the December 22 trading session at $83.79, which represents a 49.7% drop compared to December 31, 2021. This is the lowest closing level for the Amazon stock since March 12, 2019. Basically, the group, founded by Jeff Bezos, has completely erased all the gains during the two years when strict restrictions were put in place to limit the spread of COVID-19. 

In the United States, many economists believe that the aggressive rise in interest rates will cause the economy's so-called hard landing, aka a recession. The tech sector tends to perform well when the economy is healthy and confidence is high.

Moreover, the big investment in the manufacturer of electric vehicles Rivian  (RIVN) - Get Free Report is turning into a nightmare. Rivian’s stock is down 81% this year. Amazon held a 17.34% stake in Rivian as of September 29. 

Rivian's stock market crash likely translates into asset write-downs in Amazon’s financials.

https://www.thestreet.com/technology/amazon-nightmare-is-reminiscent-of-the-dotcom-collapse

[AndhraneedSCS]

Their GAAP earnings are awful for their valuation. Stock deserves to go to $50s if the bear market continues.