Amazon Stock Leaps As CEO Andy Jassy Confirms Plans To Cut 18,000 Job

CEO Andy Jassy stated, "Amazon has endured unpredictable and challenging economies in the past, and we will continue to do so.

in the midst of what it described as a "uncertain and tough" global environment, preparing a larger-than-expected set of layoffs and job losses.

According to The Wall Street Journal, Amazon will lay off up to 17,000 employees worldwide.

primarily on Amazon Stores and its PXT organisation but also including jobs in senior management,

The total is far greater than the 10,000 job cut total that was announced in November.

Jassy predicted that by the time notifications started on January 18, the total would be close to 18,000.

The second-largest U.S. employer after Walmart, Amazon employs over 1.6 million people worldwide.

"Normally, we hold off on discussing these results until we can get in touch with the folks who will be directly impacted.

In pre-market trading, Amazon shares were tagged 2.8% higher, indicating an opening bell price of $87.52 per share.