×
Investor's Business DailyInvestor's Business DailyFREE - In Google Play
VIEW
ANALYSIS: Are Prediction Markets Turning Brokers Into Bookies?
SubscribeSign In
Sections
My IBD
Market Trend
Stock Lists
Research
News
Videos
Learn
Store
Amazon Plans To Cut 30,000 Corporate Jobs: Report
  
Amazon ( AMZN) plans to lay off as many as 30,000 employees in a significant reduction of its corporate workforce set to start tomorrow, according to a report Monday from Reuters. Amazon stock gave back some gains from earlier in the day following the report.
The layoffs will target nearly 10% of Amazon's corporate workforce of roughly 350,000, Reuters reported, citing unnamed sources. Amazon employs nearly 1.5 million people total on a full- and part-time basis. Amazon did not immediately respond to a request for comment.
00:00
/
11:01
?Inside The AI Job Shock: CEOs Warn Of Massive Disruption
The cuts beginning this week will come across several divisions within Amazon, Reuters reported. That includes human resources and the company's devices and services and operations.
Amazon has conducted layoffs in smaller numbers for the past two years. But its last major round of job cuts came in late 2022 and early 2023, when the company cut about 27,000 jobs.
Amazon Stock UnderperformingAmazon stock gained just over 1.2% to close at 226.97 on the stock market today. But shares were slightly higher ahead of the Reuters' report, with an intraday high of 228 earlier this afternoon.
The news comes as Amazon stock's 3% year-to-date gain is significantly underperforming the 17% gain for the S&P 500. Amazon is also the worst performer among the Magnificent Seven megacap technology stocks.
Amazon's shares were pressured earlier in the year by concerns tariffs would eat into profits for the company's e-commerce business, which leans heavily on imports from China for many categories. But investors lately have been more focused on Amazon's profit-driving cloud business. Year-over-year sales growth for Amazon Web Services hasn't accelerated to the same degree as competing services from Microsoft ( MSFT) and Google parent Alphabet ( GOOGL).
Amazon is due to report third-quarter earnings late Thursday.
Meanwhile, Amazon Chief Executive Andy Jassy hinted in June that Amazon would reduce jobs in response to artificial intelligence.
"We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs," Jassy wrote in a letter to employees. "It's hard to know exactly where this nets out over time, but in the next few years, we expect that this will reduce our total corporate workforce as we get efficiency gains from using AI extensively across the company."
YOU MAY ALSO LIKE:
Meta Stock On Winning Streak With Earnings Due. This Number Takes 'Center Stage.'
Top Growth Stocks To Buy And Watch
Learn How To Time The Market With IBD's ETF Market Strategy
Find The Best Long-Term Investments With IBD Long-Term Leaders
Amazon Stock Nabs Analyst Price-Target Hike: 'Setting Up For Breakout In 2026'
Related news  Stock Market Today: Nasdaq Jumps As Palantir Tests Entry; Tesla Up Despite This Elon Musk Warning10/27/2025 The Dow rose on U.S.-China trade optimism. Palantir tested an...
INVESTING RESOURCES
Information in Investor’s Business Daily is for informational and educational purposes only and should not be construed as an offer, recommendation, solicitation, or rating to buy or sell securities. The information has been obtained from sources we believe to be reliable, but we make no guarantee as to its accuracy, timeliness, or suitability, including with respect to information that appears in closed captioning. Historical investment performances are no indication or guarantee of future success or performance. Authors/presenters may own the stocks they discuss. We make no representations or warranties regarding the advisability of investing in any particular securities or utilizing any specific investment strategies. Information is subject to change without notice. For information on use of our services, please see our Terms of Use.
*Real-time prices by Nasdaq Last Sale. Real-time quote and/or trade prices are not sourced from all markets. Ownership data provided by LSEG and Estimate data provided by FactSet.
IBD, IBD Digital, IBD Live, IBD Weekly, Investor's Business Daily, Leaderboard, MarketDiem, MarketSurge and other marks are trademarks owned by Investor's Business Daily, LLC.
©2025 Investor’s Business Daily, LLC. All Rights Reserved. |
