Amazon layoffs: The company will lay off more than 18,000 employees.

Amazon plans to lay off more than 18,000 workers as the global economy continues to deteriorate.

According to a memo shared with employees by CEO Andy Jassy, several teams will be impacted, including the human resources department and Amazon Stores.

“Companies that survive for a long time go through various stages. They are not constantly expanding their workforce “He stated.

Jassy previously stated in November that job cuts at the e-commerce behemoth would continue until early 2023. Several news outlets reported in the fall that Amazon planned to lay off 10,000 workers.

Amazon and other tech companies have significantly increased hiring in recent years as the pandemic has shifted consumer habits toward e-commerce.

As people return to pre-pandemic habits and macroeconomic conditions deteriorate, many of these seemingly untouchable tech companies are experiencing whiplash and laying off thousands of employees.

In his memo, Jassy stated that Amazon executives recently met to discuss how to streamline the company and prioritize “what matters most to customers and the long-term health of our businesses.”

“This year’s review has been more difficult given the uncertain economy and that we’ve hired rapidly over the last several years,” he added.

According to Jassy, the layoffs will allow Amazon to pursue long-term opportunities with a lower cost structure. He did, however, describe the cuts as a “difficult decision,” noting that he is “deeply aware that these role eliminations are difficult for people, and we don’t take these decisions lightly or underestimate how much they might affect the lives of those who are impacted.”

He added that the company will begin informing affected employees on January 18.

During the pandemic, Amazon’s business initially boomed as consumers relied on online shopping for almost everything.

This year, however, the company is dealing with a return to in-person shopping as well as rising inflation, which has sharply reduced consumer demand.

Amazon disappointed Wall Street in October with a holiday season forecast that fell far short of analysts’ expectations. Last year, the company’s stock dropped by roughly 50%.

A number of other tech founders and CEOs, including Jassy, have since admitted to failing to accurately predict pandemic demand.

Meta, the parent company of Facebook, recently announced 11,000 job cuts, the most in the company’s history. Twitter, which Elon Musk purchased for $44 billion, also announced widespread job cuts.

Salesforce announced this week that it would lay off 10% of its workforce.

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