E-commerce giant Amazon (AMZN) plans to eliminate an additional 8,000 jobs as demand for its products and services continues to weaken.
The Seattle-based company said it now plans to cut about 18,000 positions from its global workforce, up from an initial estimate of 10,000 made last fall.
Amazon employed 1.54 million people at the end of last year’s third quarter. The company said that it had added workers too quickly in warehouse positions as consumers shifted to online ordering during the COVID-19 pandemic.
Several technology companies have announced layoffs in recent months, including Meta Platforms (META) and Salesforce (CRM) as they prepare for a steep economic downturn.
In November 2022, Amazon announced that it would reduce its staff headcount by 10,000 positions, mostly at its warehouse and physical store locations, as well as in its devices and book divisions.
Amazon said the additional 8,000 job cuts will be focused in its stores and People, Experience, and Technology (PXT) group. Impacted employees will be notified beginning on January 18, according to the company.
Amazon’s stock has declined 48% over the past 12 months to now trade at $85.14 U.S. per share.
