Amazon Stock: Company Ups The Ante On Layoffs | Investor's … – Investor's Business Daily

BREAKING: Futures Tilt Higher; Amazon Expands Layoffs
E-commerce behemoth Amazon.com (AMZN) has augmented its restructuring plans and will lay off 17,000 workers, higher than the 10,000 initially expected, a report late Wednesday said. Amazon stock climbed after hours on the news.
The Wall Street Journal said the cutbacks represent the largest at a major technology company thus far, and come on the heels of a planned reduction of roughly 8,000 jobs by software provider Salesforce.com (CRM).
Seattle-based Amazon first said in November it planned layoffs. It planned to concentrate on its device business, recruiting and retail operations, the Journal said. Amazon said at the time it expected to cut 10,000 jobs. But officials qualified that and said the number could change, the Journal said.
The Journal also said Amazon employed 1.5 million people. The bulk of those workers are in the company’s vast network of warehouses.
Amazon stock gained 1.7% to 86.62 in after-hours trading on the stock market today. During the regular session, shares dipped a fraction to 85.14.
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1/04/2023 The stock market reversed into midday Wednesday, with major indexes pulling higher.
1/04/2023 The stock market reversed into midday Wednesday, with major indexes…
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