E-commerce giant Amazon, has revealed its plans to cut 18,000 jobs, as the company battles to reduce cost.
According to the British Broadcasting Corporation, the online retailer, which employs 1.5 million people worldwide, did not specify which nations will be affected, but stated that they would include Europe.
The majority of the job losses will be in its consumer retail and human resources divisions.
According to a senior executive at the firm,Boss Andy Jassy through a memo cited the “uncertain economy” for the cuts, saying it had “hired rapidly over several years.”
“We don’t take these decisions lightly or underestimate how much they might affect the lives of those who are impacted”.
He said the announcement had been brought forward due to one of the firm’s employees leaking the cuts externally.
“Companies that last a long time go through different phases. They’re not in heavy people expansion mode every year,” he added.
Amazon’s sales have slowed after a surge during the pandemic, when customers bored at home spent a lot of time online.
A lethal mix of a drop in advertising revenues due to corporations looking to save money and individuals spending less as the cost of living crisis bites is wreaking havoc on digital enterprises.
Other major digital companies, including Meta – which owns Facebook, Instagram, and WhatsApp – and cloud-based commercial software firm Salesforce, have lately announced significant layoffs.