In a degraded global economic context, Amazon is preparing to lay off around 10,000 people. Back to this impressive figure, which shows that no player is spared by the current crisis.
Amazon set to lay off
According to our colleagues from the New York Times, Amazon is about to lay off 10,000 of its employees. These cuts are focused on the “Amazon Devices” division, namely the branch of the group producing products such as Kindle readers, Alexa services or various connected devices.
All services are concerned, but this symbolic cap of 10,000 people is likely to go up or down. according to the plans of each unit which are yet to be finalized.
If this number is significant, it would represent in reality 3% of the company’s workforce, which is far from Twitter’s 50% in proportion. By comparison, Meta also laid off more than 11,000 employees last week, or 13% of its workforce.
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The reverse of a mad race initiated by the health crisis
With the health crisis, global containment has constituted a more than lucrative opportunity for Amazon. While this period proved to be the most profitable of the group, the company doubled its workforce in the space of two years.
But since then, global economic sentiment has deteriorated sharply, so much so that Amazon stock has even totally erased its previous bullish rally :
Amazon stock price
The asset, which ranks as the fourth largest US market capitalization, has lost almost 48% since its previous peak exactly one year ago. In terms of valuation, this equates to a wipeout of $914 billion, more than the current total cryptocurrency market cap of $878 billion at the time of writing.
It is therefore a difficult first year in office for Andy Jessy, the new group CEO since July 2021. Until then, the latter was at the head of Amazon Web Service (AWS), whose tools are also widely used in our ecosystem, for hosting validators in blockchains by consensus Proof-of-Stake (PoS ).
Note, however, that the devaluation of the share is part of a degraded global economic context, where many assets suffer declinesand that prices do not necessarily move as rationally as fundamentals.
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Sources: TradingView, The New York Times
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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