Amazon decided to carry out mass layoffs to cut costs

Amazon CEO Andy Jassy released a letter last night outlining the company's plans for 2023. It became clear that costs needed to be drastically cut, and for this, tough moves had to be made

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According to him, the e-commerce giant plans to cut 18,000 jobs, mainly in the Amazon Stores and PXT organizations. The CEO cited an uncertain economy and the fact that too many people have been hired in recent years as the main reasons for the upcoming layoffs. The company will start informing affected employees from January 18, Investing writes OXO News.

While rumors of possible layoffs have been circulating for months - the New York Times reported at the end of November that 10,000 workers were planned to be laid off, while the WSJ published a figure today as if 17,000 jobs would be lost. However, the exact real number is still unknown.

Amazon shares rose 1.7% in after-hours trading following the CEO's comments. The stock closed at $85.14.