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Washington: Online retailer Amazon has laid off another 18,000 employees, citing the tough economic environment.
Amazon, an online trading company, employs more than 16 lakh people worldwide. In November last year, it laid off 10,000 employees. Amazon said the lay off was done to cut costs.
In this case, this morning, Amazon CEO Andy Jassy wrote in a letter to employees, ‘The current economic environment is difficult. This is very challenging to overcome. As a result, it has been decided to lay off 18,000 more employees. This dismissal applies to all types of employees working in all departments’, he said. The 18,000 layoffs are the largest in Amazon’s history. Notably, the company has never laid off so many employees.
‘Festivals and holidays are Amazon’s sales target. But this year sales are not as expected at this time of year. There is no cash flow in the hands of consumers and traders. Studies have shown that inflation is causing a lack of cash flow. Economists say Amazon has resorted to lay offs due to lack of profitability.
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