Amazon is planning to lay off thousands of employees and implement cost-cutting measures as the last few quarters haven’t been profitable, report many media outlets.
The company could fire as many as 10,000 employees starting as soon as this week, reports New York Times. It would represent nearly 1 per cent of the workforce of the company which employs over 1.6 million globally.
According to Wall Street Journal, Amazon has cautioned employees in some unprofitable units to look for other opportunities within the company, after a months-long review.
The report further said that Amazon is closely evaluating its Alexa business and is currently considering whether it should focus on trying to add new capabilities to the voice assistant, which is available on a variety of Amazon devices.
Shares of Amazon, which have lost about 40% of their value so far this year amid a broader tech selloff, briefly pared losses and were last trading down 2.4% at $98.38, according to reports.