Major layoffs in the technology sector continued Monday as Amazon (AMZN) announced plans to slash 9,000 jobs. AMZN stock dipped on the news.
That brings the total number of jobs cut at the e-commerce giant to 27,000. Further, it recently announced plans to cut 18,000 positions.
“Given the uncertain economy in which we reside, and the uncertainty that exists in the near future, we have chosen to be more streamlined in our costs and headcount,” said Chief Executive Andy Jassy in a statement to employees.
AMZN stock fell 2.1% to 96.86 in midday trading on the stock market today.
AMZN Stock: Cuts Where Headcount Added
The cuts mainly focus on Amazon Web Services, advertising, Twitch, and People Experience and Technology Solutions divisions, Amazon said.
Jassy said that many of those business segments “added a significant amount of headcount” in recent years as the overall economy expanded.
AMZN stock is up roughly 13% so far this year.
More to follow.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
YOU MAY ALSO LIKE:
Tech Industry Layoffs Show No Signs Of Abating As Businesses Undo Overhiring
Why Earnings Growth Is Crucial Element Of Winning Stocks; ServiceNow Stock Showed How
Before Top Stocks Usher The Golden Sell Rule, Here’s When To Cut Losses Faster
Watch Our Market Experts Spot Top Stocks Each Morning On IBD Live
Time To Tweak Your Investments To An Inflationary Environment?