Amazon (NASDAQ:AMZN) layoffs are a hot topic today as the company’s job cuts have surpassed estimates.
Andy Jassy, CEO of Amazon, revealed that job cuts at the company will rise past 18,000 employees during a public meeting yesterday. Prior estimates claimed that the company would eliminate 17,000 jobs.
Those affected by the Amazon layoffs will mostly come from the company’s e-commerce and human resources divisions. This has the cuts representing about 6% of the 300,000 corporate workers at the company. However, it’s worth noting that AMZN has over 1.5 million employees when including warehouse workers.
Bezos Could Return to Amazon
The latest Amazon layoffs build on the problems the e-commerce company has been seeing over the last year. That includes poor earnings performance as consumers cut back spending due to inflation and recession concerns.
With that comes speculation that Jeff Bezos, founder of Amazon, may return to the CEO role. Ritholtz Wealth Management managing partner Michael Batnick believes this will happen. The move would make sense as other former CEOs, such as Starbucks (NASDAQ:SBUX) founder Howard Schultz and Disney’s (NYSE:DIS) Bob Iger, return to their former roles amid economic turmoil.
AMZN stock is down 1.6% as of Thursday morning with some 11.8 million shares traded. The company’s daily average trading volume is about 81.1 million shares.
Investors looking for more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Thursday! That includes what has shares of Relativity Acquisition (NASDAQ:RACY) and AMZN stock moving, as well as this morning’s biggest pre-market stock movers. You can find out more on these matters at the links below!
More Thursday Stock Market News
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.