Source: Wall Street News

On Monday, March 20, Amazon CEO Andy Jassy said in a memo to employees that Amazon will further lay off more than 9,000 employees in the next few weeks.

The previous round of Amazon layoffs began in November of last year and continued until January of this year. In total, more than 18,000 employees were laid off.

The latest round of layoffs is expected to affect Amazon's cloud computing, advertising, human resources, and Twitch Live streaming departments.

After the news was released, the decline in Amazon's stock price narrowed, closing down 1.25% to $97.71.

Jassy says:

Amazon decided to cut more employees to cut costs. This is mainly due to considerations of recent uncertainty in the economy.

Twitch CEO Dan Clancy said that as part of Amazon's latest round of human resources adjustments, the department will lay off about 400 people. Clancy said this was due to the economic downturn, adding that Twitch's user and revenue growth did not “keep up with our expectations.”

After extensive recruitment during the COVID-19 pandemic, Amazon is experiencing the largest layoffs in the company's history. By the end of 2021, the company's global workforce had surged from 798,000 in the fourth quarter of 2019 to over 1.6 million.

Jassy also made extensive cuts to the company's spending due to the US economic slowdown and core retail business growth. Amazon has frozen the company's employee recruitment, cancelled some experimental projects, and slowed warehouse expansion.

While the company's goal this year is to streamline operations, Jassy said he remains optimistic about the company's “biggest businesses,” retail and Amazon Web Services, and other new divisions that continue to be worth investing in.

Amazon isn't the only Silicon Valley giant that continues to lay off employees.

Last week, Meta's second round of layoffs was finally determined to lay off about 10,000 employees, while at the same time closing 5,000 additional vacancies in an effort to save money and improve efficiency. This is Meta's second major round of layoffs in six months.

Meta's CEO Mark Zuckerberg said in a statement last week that the company aims to flatten the company by removing multiple layers of management.

Also last week, Apple announced that it would delay the payment of some bonuses and freeze recruitment for more jobs.

After the adjustments are made, more employees will only receive the bonus once a year. In addition, Apple will reduce travel expenses, further tighten the approval of budget items, and will pay closer attention to how often employees go to the office to work.

In the past, Apple usually distributed bonuses and promotion opportunities once or twice a year depending on the department, usually in April and October of each year. According to the new plan, starting this year, the company-wide annual bonus payments and promotion opportunities will only occur in October. This reform was implemented in software engineering, service and other departments a few years ago, but starting this year, employees in operations, corporate retail, and other departments will also implement this reform.

While avoiding large-scale layoffs, Apple is also tightening its waistband and living a life, cutting targets for the number of employees, and suspending recruitment in various departments. Risk warning and disclaimer The market is risky, so you need to be careful when investing. This article does not constitute personal investment advice, nor does it take into account the specific investment goals, financial situations, or needs of individual users. Users should consider whether any opinions, opinions, or conclusions in this article fit their particular situation. Investments based on this are at your own risk.

Editor/jayden