Amazon (AMZN) is preparing to lay off roughly 10,000 employees as soon as this week, The New York Times reported on Monday, citing unnamed sources familiar with the matter.
The layoffs come as the tech industry continues to struggle amid a slowing economy, rising interest rates, and stubborn inflation. Facebook parent Meta and Twitter also laid off thousands of employees this month.
The layoffs will impact Amazon’s Alexa business, as well as the company’s retail and human resources divisions, according to The Times. Amazon’s Alexa group, which produces its Echo hardware and associated software, loses up to $5 billion a year, The Wall Street Journal reports, citing internal documents the paper reviewed.
The 10,000 jobs make up some 1% of Amazon’s 1.5 million global workforce. The Times reports that the final number of planned layoffs could change between now and when they’re announced. Amazon announced a hiring freeze on Nov. 3.
Amazon has been struggling in recent quarters,…
This article was written by and originally published on finance.yahoo.com