Amazon Settles EU Antitrust Cases

Amazon starting the new year with another round of layoffs, they're cutting more than 18,000 workers ceo Andy Jassy says several units going to be affected here. That includes Amazon stores and their human resources department, Jassy had said back in November, the job cuts would continue into early 2023. Multiple news outlets reported in the fall, Amazon had planned to cut about 10,000 employees. Now in a statement, Jassy says quote, Amazon is weathered, uncertain and difficult economies in the past and we will continue to do so here. These changes will help us purse to our long term opportunities with a stronger cost structure. However, I'm also optimistic that will be inventive and resourceful and scrappy in this time when we're not hiring expansively and eliminating some roles as well. I mean this is really sort of major here. The amount of people that are going to be lost in this particular situation here. Chloe Yeah baker, I do want to point out though in terms of amazon, although this is one of the biggest, you know, rounds of tech layoffs that we've seen. Amazon also has a massive workforce, a lot bigger than a lot of its other tech competitors. But again, baker, this is just kind of evidence of what's been happening to the tech industry, a meltdown that we haven't really seen. A lot of these companies have never posted layoffs before. Never layoffs this large, we saw them falter at the beginning of the pandemic but then when we actually saw e commerce kind of surge during that time, they received a big boost and so they accelerated hiring and now a lot of C. E. O. S. We heard from Mark Benioff of Salesforce previously kind of walking that back saying they got a little bit overeager, they hired too much and now they're trying to turn things around, you know, among those other companies that are laying off, we know apples in a pause, we know companies like adobe, Cisco coin based ap intel lift all laying off employees. So it's just kind of evidence of the volatile economy that we've seen and how it is coming for digital ad spending. And these tech companies in digital ad spending, we should note amazon nipping at the heels of meta who is second in digital ad spending.