Amazon’s global workforce had swelled to more than 1.6 million employees by the end of 2021, up from 798,000 in the fourth quarter of 2019. However, the company is now undergoing the largest layoffs in its history after it went on a hiring spree during the Covid pandemic.
Jassy is taking a broad overview of the company’s expenses as it reckons with an economic downturn and slowing growth in its core retail business. Amazon has frozen hiring in its corporate workforce, axed some experimental projects, and slowed warehouse expansion.
Despite the current challenges, Jassy remains optimistic about the company’s largest businesses, retail and Amazon Web Services, as well as other new divisions that continue to warrant investment.
Amazon’s shares closed down 1% on Monday, reflecting investor concerns over the company’s ability to weather the current economic storm. Nevertheless, the company remains a major player in the tech industry, and its long-term prospects remain bright, despite the current challenges.
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