The layoffs planned at Amazon represent the single largest number of jobs cut at a technology company since the industry began aggressively downsizing last year.
Last year, Amazon was the latest Big Tech company to watch growth slow down from its pandemic-era tear, just as inflation being at a 40-year high crimped sales.
News of Amazon's cuts came the same day business software giant Salesforce announced its own round of layoffs, eliminating 10% of its workforce, or about 8,000 jobs. Salesforce Co-CEO Mark Benioff attributed the scaling back to a now oft-repeated line in Silicon Valley: The pandemic's boom times made the company hire overzealously. And now that the there has been a pullback in corporate spending, the focus is on cutting costs.
"As our revenue accelerated through the pandemic, we hired too many people leading into this economic downturn we're now facing," Benioff wrote in aFacebook owner Meta, as well as Twitter, Snap and Vimeo, have all announced major staff reductions in recent months, a remarkable reversal for an industry that has experienced gangbusters growth for more than a decade.
For Amazon, the pandemic was an enormous boon to its bottom line, with online sales skyrocketing as people avoided in-store shopping and the need for cloud storage exploded with more businesses and governments moving operations online. And that, in turn, led Amazon to go on a hiring spree, adding hundreds of thousands of jobs over the past several years.
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