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LinkedIn posts reveal Amazon layoffs as tech companies cut costs.

LinkedIn posts reveal Amazon layoffs as tech companies cut costs.

According to entries made on LinkedIn by employees who claim to have been touched by job losses, technology giant Amazon has started laying off people.

According to reports from earlier this week, the corporation intends to eliminate 10,000 jobs or around 3% of its office workforce.

It occurs as businesses experience slow sales and grow increasingly concerned about an economic downturn, leading to the loss of thousands of jobs across the technology sector.

The business warned it had overhired during the pandemic and had previously implemented a hiring freeze and stopped some of its warehouse expansions.

Additionally, it had stopped working on concepts like a robot that would deliver packages personally.

Jeff Bezos, the founder and CEO of Amazon, issued a warning last month, stating that the US economy was telling people to “batten down the hatches.”

Amazon is struggling with a slump in online sales, which has caused its share price to drop by more than 40% this year.

As a cost-cutting measure, other significant technology businesses have previously disclosed significant layoffs.

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Facebook, Instagram, and WhatsApp owner Meta stated last week that it would reduce its workforce by 13%.

11,000 employees will lose their employment as a result of the company’s first mass layoffs.

It was announced shortly after Elon Musk assumed control of Twitter that he would reduce staff by about 50%.

Salesforce, a provider of cloud-based commercial software, technology giant Microsoft, and payment processing platform Stripe have all announced layoffs in recent weeks.

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