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Amazon Layoffs 2023: What to Know as AMZN Job Cuts Surpass Estimates

  • Amazon (AMZN) layoffs have the company planning to cut more than 18,000 jobs.
  • The reduction number is higher than some experts had expected.
  • Some are speculating that Jeff Bezos will return as CEO of Amazon.
Amazon Layoffs. Closeup of the Amazon logo at Amazon campus in Palo Alto, California. The Palo Alto location hosts A9 Search, Amazon Web Services, and Amazon Game Studios teams. AMZN stock

Source: Tada Images /

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!

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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 Publishing Guidelines.

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