Amazon plans to lay off 10,000 employees soon

Amazon plans to lay off thousands of employees and implement cost-cutting measures as the past few quarters have been unprofitable, many news outlets report.

The company could lay off up to 10,000 employees starting this week, the New York Times reports. It would represent nearly 1 percent of the company’s workforce, which employs more than 1.6 million worldwide.

According to the Wall Street Journal, Amazon has warned employees in some unprofitable units to seek 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.

Amazon shares, which have lost about 40% of their value so far this year amid a technology sell-off, briefly pared losses and last traded down 2.4% at $98.38, according to reports.

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