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Amazon (AMZN) plans to layoff 10,000 people this week, The New York Times reported Monday.
It will be Amazon‘s biggest job cut to date and the company joins a growing number of tech companies announcing layoffs and hiring freezes.
Salesforce, Stripe, Meta Platforms and Uber are among the companies that have laid off employees in large numbers this year. Meta on Wednesday terminated nearly 11,000 workers, representing 13% of its workforce.
Amazon benefitted from the pandemic, but that growth halted this year and the company slumped to a record-low in the second quarter.
The departments affected include technology, retail and human resources.
Amazon recently announced the hiring of 150,000 temporary workers for the holidays.
Amazon had previously more than doubled its base pay for corporate employees, raising it to $350,000 from $160,000. With booming demand during the pandemic, the company also doubled its workforce, employing 1.2 million people at one point.
The company posted $127.1 billion in third quarter net sales, a 15% increase from the previous year. However, the company saw declines in operating income, net income and international sales.
Shares of Amazon (AMZN) Monday afternoon were at $99.73, down $1.06, or 1.05%.
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