Amazon intends to lay off more than 18,000 employees

On Thursday, Amazon CEO Andy Jassy announced plans to lay off more than 18,000 employees in several departments, including stores and human resources. “Companies that last a long time go through different stages,” Jassy said in a statement.

Amazon's CEO said in November that layoffs at the e-commerce giant would continue until early 2023. Multiple media outlets reported in the fall that Amazon planned to lay off about 10,000 employees.

Amazon and other technology companies have significantly boosted their hiring process over the past two years as the coronavirus pandemic shifted consumer habits toward e-commerce. Now, many technology companies are experiencing an economic crisis and are laying off thousands of employees as people return to pre-pandemic habits and economic conditions deteriorate.

Meta, the parent company of Facebook, recently announced the layoff of 11,000 employees, the largest layoff in the company's history. Twitter also announced a large layoff of employees after Elon Musk bought the company for $44 billion.