Approximately 10,000 employees in business and technical jobs will be let go by Amazon.com Inc (AMZN. O) starting this week, according to a source familiar with the situation. This will be the company’s largest layoff to date.
Following years of swift hiring, the IT industry has experienced a wave of layoffs and is now apprehensive of a recession.
The Wall Street Journal revealed that Amazon’s devices division had seen yearly operational losses of more than $5 billion in some recent years. Over 40% of the value of Amazon’s shares has been lost this year.