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Amazon to Lay Off over 17,000 Workers, More Than First Planned

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Re: Amazon to Lay Off over 17,000 Workers, More Than First Planned

#21

Post by lcw »

raziel2701 wrote: post #13

It's crazy that AMZN announces this and the stock goes up in after hours trading. People are losing their livelihoods yet rich people only care about the potential higher profits. This is very disconnected from reality, amzn needs consumers to buy their products. If layoffs keep piling up higher and deeper something is going to break and hello recession!

In general layoffs especially when they are proactive, which in this case they seem to be, show investors that the company is being fiscally responsible. This isn't an indication that Amazon is going to increase profitability it's a sign to investors that they are taking in recession indicators and adapting accordingly. It doesn't seem malicious it seems perfectly reasonable and sane. Of course it's Amazon so there is another layer of context, but this is a rational and normal investor response.

Re: Amazon to Lay Off over 17,000 Workers, More Than First Planned

#22

Post by sys_64738 »

raziel2701 wrote: post #13

It's crazy that AMZN announces this and the stock goes up in after hours trading. People are losing their livelihoods yet rich people only care about the potential higher profits. This is very disconnected from reality, amzn needs consumers to buy their products. If layoffs keep piling up higher and deeper something is going to break and hello recession!

A business is run to maximize shareholder value. Cutting costs is part of that equation.

Re: Amazon to Lay Off over 17,000 Workers, More Than First Planned

#24

Post by debatem1 »

monero-xmr wrote: post #4

How is Google avoiding any layoffs? I know their structure is such that stockholders supposedly can’t force any changes, but it’s hard to justify being the only company without any cuts. Their stock is falling and they still have a single cash cow for over 80% of their revenue despite over a decade of attempts to diversify.

They're going to. The new performance process is clearly teeing people up to get the axe. They'll just say it's part of their new process rather than a layoff.

Re: Amazon to Lay Off over 17,000 Workers, More Than First Planned

#25

Post by rvz »

raziel2701 wrote: post #13

It's crazy that AMZN announces this and the stock goes up in after hours trading. People are losing their livelihoods yet rich people only care about the potential higher profits. This is very disconnected from reality, amzn needs consumers to buy their products. If layoffs keep piling up higher and deeper something is going to break and hello recession!

> It's crazy that AMZN announces this and the stock goes up in after hours trading.

No it isn't. It is quite typical for a companies stock to spike up after a layoff announcement especially when the number was higher than initially reported.

And as always totally expected.

Re: Amazon to Lay Off over 17,000 Workers, More Than First Planned

#26

Post by nfRfqX5n »

greatpostman wrote: post #23

The funny thing is like 8 months ago amazon was hiring engineers with 4 years of experience for 350-400k. These people aren’t even good programmers. And now they need to cut.

If they can make L5/6 to get that salary then they're probably pretty good actually

Re: Amazon to Lay Off over 17,000 Workers, More Than First Planned

#28

Post by omega3 »

greatpostman wrote: post #23

The funny thing is like 8 months ago amazon was hiring engineers with 4 years of experience for 350-400k. These people aren’t even good programmers. And now they need to cut.

What do you mean that they aren’t even good programmers?

Re: Amazon to Lay Off over 17,000 Workers, More Than First Planned

#29

Post by confidantlake »

monero-xmr wrote: post #4

How is Google avoiding any layoffs? I know their structure is such that stockholders supposedly can’t force any changes, but it’s hard to justify being the only company without any cuts. Their stock is falling and they still have a single cash cow for over 80% of their revenue despite over a decade of attempts to diversify.

There may not have been cuts, but they have drastically slowed hiring.

Re: Amazon to Lay Off over 17,000 Workers, More Than First Planned

#30

Post by jasonpeacock »

discodave wrote: post #16
jvanderbot wrote: post #6

I just wanted to point out that probably 2000 of us (in robotics/AI) were "laid off" in Q4, but were paid through the end of the calendar year "To find an internal position". Almost none did, and I don't think that was really the intent, but what do I know. They're in this batch. I expect a Q2 announcement of all those people who in Q1 were "transitioning to new positions" that were eliminated before they could move.

Sounds like Amazon. Back in the day they managed to avoid 'layoffs' by transferring thousands of people from Fire Phone -> Alexa. They somehow avoided layoffs from shutting down Prime Air (drones, not 767s), even though that had a lot of employees. They're pretty good at getting people to leave without doing 'layoffs'. Heck, if you believe that they've always had 5-10% 'unregretted attrition' targets, which I do, and…

Prime Air was not shut down: https://www.amazon.jobs/en/team/prime-air
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