Shares of Amazon (NASDAQ:AMZN) are lower today, which may be attributed to the company’s announcement that it’ll lay off an additional 9,000 employees after previously stating it was cutting 18,000 jobs. CEO Andy Jassy pointed to an uncertain economy as the reason for needing to streamline costs and headcount. The segments impacted this time around are cloud computing, human resources, Twitch live-streaming, and advertising.
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The past year has not been kind to tech workers, as approximately 300,000 have been axed. Meta Platforms (NASDAQ:META) and Amazon have seen the most layoffs by far, coming in at 21,000 and 27,000, respectively. For reference, Alphabet (NASDAQ:GOOGL), which announced the third-largest number of layoffs, comes in at 12,000.
Nevertheless, Wall Street remains very bullish on Amazon stock, with a Strong Buy consensus rating based on 37 Buys and one Hold assigned in the past three months.
