August 18, 2022

Amazon Cuts 100, 000 Employees From Workforce In One Quarter

One of world’s largest employers now hiring on the slowest pace since 2019

Amazon, one of the largest tech employers on earth, has revealed that it is now hiring at the slowest speed since 2019 and has cut over  100, 000 employees   internationally in the June quarter, likely due to the dramatic economic slowdown since 2021.  

It is the largest workforce cut in one quarter in the history of the organization.   The layoffs are part of an increasing trend associated with protecting the bottom line within the tech industry.   The slashes likely played a large part in Amazon’s recent  revenues beat   and their rosy revenue projections for the third quarter, though it still lost a net $2 billion in the second quarter.  

The more workers lose their jobs, the more healthy the company appears to be whenever shareholders examine quarterly cash flow; it is inevitable that layoffs will continue.   There has been over 30, 000 work cuts by tech companies in the US in the past few months by itself, and unemployment claims have got climbed to 8-month heights.

The covid pandemic lockdowns and subsequent stimulus checks created a huge artificial boost for tech companies like Amazon within 2020 and 2021, but the $6 trillion stimulus offers since circulated out of the pouches of most Americans and internationally the lockdowns did incredible harm to existing economic balance.   Demand for peripheral goods is in steep decrease as inflation in essentials continues to rise.   Within 2022, the stagflation crisis is leading to imminent demand devastation.

This news comes as multiple companies are announcing layoffs and hiring stalls.   Google parent Buchstabenfolge Inc. is instituting the hiring freeze.   Apple company is slowing its employing this year.   Coinbase is cutting 18% of it could staff.   Microsoft offers announced a hiring slowdown.   Netflix has cut at least 500 employees lately, not including contractor cuts.   Peloton is firing more than 2800 workers so far this year.   Online brokerage Robinhood terminated 9% of its workforce in April. Twitter cut 30% of its talent acquire team this past month but declined to give a specific number of layoffs.   The list goes on and.  

The particular steep reversal from merely a year ago highlights the particular swift nature of the economic downturn and also shows how dependent the tech industry is usually on consumers having considerable amounts of expendable income.   When the financial environment will get tight, Big Tech companies are among the first to feel the crunch because most of them provide very little in terms of necessities.      

PRESS BOMBSHELL: Steve Bannon talks about the Great Reset with Alex Jones.

Leave a Reply

Your email address will not be published. Required fields are marked *