Amazon plans to lay off some 10,000 employees in its business and technology sectors starting this week, according to a report.
The elimination would be the most job cuts undertaken at any time in the history of the Seattle-based e-commerce giant, which is also feeling the effects of economic headwinds that have crippled big tech companies.
News of the planned layoffs was first reported by The New York Times.
The Post has sought comment from Amazon.
The layoffs will primarily affect people involved in projects related to Amazon’s Alexa voice assistant as well as its retail and human resources departments, according to the Times.
The company has reportedly yet to decide on a specific number of job cuts, although laying off 10,000 people would represent about 3% of its workforce and less than 1% of its 1.5 million employees in the world.
Amazon shares were trading down more than 2.3% at midday Monday. The stock is down about 41% for the year and is on course for its worst year since 2008, according to CNBC.
Amazon is the latest blue chip company to announce it drastically reduced its workforce as part of an effort to tighten their belts.
Twitter, which was recently acquired by Tesla CEO Elon Musk, has laid off half of its Workforce. Some 3,700 Twitter employees have lost their jobs in recent days.
Meta, Facebook’s parent company, cut 13% of its workforce, translating to some 11,000 employees who received pink slips.
Lyft, Stripe, Microsoft, Shopify, Netflix and Snap have also downsized by the hundreds.
Disney also signaled a hiring freeze on Friday.
Amazon’s most recent earnings report included a “horror” earnings forecast that predicted a weak holiday shopping season.
The company forecasts net sales of between $140 billion and $148 billion for the fourth quarter of this year. The forecast is lower than analyst estimates of $155.15 billion.
In the third quarter, which spanned July through September, Amazon’s net sales were $127.1 billion, slightly below analysts’ expectations of $127.46 billion, according to data from Refinitiv.
Net income fell to $2.9 billion from $3.2 billion a year earlier.