E-commerce giant Amazon (AMZN) is cutting back on employee stock awards as part of its compensation plans, citing an uncertain economic outlook.
The news of scaled back stock awards comes after Amazon announced more than 30,000 job cuts since last fall, adding to a wave of workforce reductions that has swept the U.S. technology sector.
Amazon overbuilt and over hired during the pandemic and has been forced into retrenchment mode in recent months.
In addition to the staff cuts, Amazon has also closed warehouses and canceled its global expansion plans.
Amazon now says it is re-evaluating its compensation structure in light of a slowing U.S. economy and weakening consumer spending.
Amazon's stock has declined 36% in the last 12 months and now trades at $101.10 U.S. per share.
