Amazon.com Inc (NASDAQ:AMZN). is set to be the latest tech giant to announce hefty job losses with 10,000 posts to be axed, according to The New York Times.
The lay-offs come as the tech industry continues to struggle amid a slowing economy, rising interest rates, and stubborn inflation.
The cuts will impact Amazon’s loss-making Alexa business, as well as the company’s retail and human resources divisions, according to the report.
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The 10,000 jobs make up some 1% of Amazon’s 1.5 million global workforce although the Times reported that the final number of planned layoffs could change between now and when they are announced.
Amazon has been struggling in recent quarters, as sales in the company’s retail division slowed compared to its performance during the peak of the pandemic.
It joins a growing number of tech companies that have either laid off employees or instituted hiring freezes.
Last week social media giant Meta laid off 11,000 workers amid a decline in ad sales, while Twitter cut 3,700 jobs following the takeover by billionaire Tesla CEO Elon Musk.
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