[eMarketer] Amazon’s 100,000 job cuts reflect industry-wide adjustments to economic uncertainty

Amazon shrank its staff by 100,000 last quarter, joining the ranks of Netflix and Google in an industry-wide adjustment to reduced profits, heightened inflation, and unprecedented pandemic growth, per Bloomberg.

Amazon, which is the second-largest employer in the United States (behind Walmart), also revealed during its earnings call last week that it’s been adding jobs at the slowest rate since 2019.

Over 28,000 tech workers at more than 150 companies have been cut from their roles since the beginning of the year.

eMarketer posits that Big Tech and adjacent businesses are reeling from the decline in pandemic-era spending and slowing advertising spending, and this is being reflected in hiring slowdowns and layoffs.

The job outlook remains grim in the short term as entire industries navigate revenue shortfalls and unpredictable economic conditions.

The situation is not permanent, as many technology companies in high-growth businesses will need to staff up accordingly to pursue growth and expansion.

The fallout of the current job cuts might make potential hires more selective in deciding which companies to consider.

Read the full eMarketer article here

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