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Amazon Layoffs to Hit Over 18,000 Workers!

Amazon.com Inc. layoffs will affect more than 18,000 employees!

That sums to the highest reduction tally revealed in the past year at a major technology company as the industry pares back amid economic uncertainty.

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The layoffs are concentrated in the company’s corporate ranks and represent roughly 5% of that element of its workforce.

The Wall Street Journal reported the cuts would total about 10,000 people. Thousands of those cuts began last year.

The rest of the cuts will bring the total number of layoffs to more than 18,000 and will be made over the coming weeks.

Chief Executive Andy Jassy addressed the cuts in a blog post. “Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so,” said Mr. Jassy

Shares of Amazon fell 1.1% in Thursday morning trading to $84.19. The stock is down 49% over the past 12 months.

Amazon was one of the biggest beneficiaries of the Covid-19 pandemic as customers flocked to online shopping.

To keep up with demand, Amazon doubled its logistics network and added hundreds of thousands of employees.