Amazon cuts 14,000 corporate jobs
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Amazon's stock has lagged its Big Tech peers and Wall Street has become concerned that the company's dominant cloud-computing business is losing its edge. The company's third-quarter earnings report on Thursday afternoon will be key for investor sentiment.
Amazon is reporting third-quarter earnings on Thursday, days after the company announced it's laying off 14,000 people.
Amazon said on Oct. 28 that it is cutting thousands of corporate jobs. What does this mean for its Floridian employees?
The combination of announcements out of Amazon within the past week may speak to the growing influence of artificial intelligence as a workforce engine.
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Amazon confirmed plans to reduce its corporate workforce, impacting 14,000 employees. The company cited a need to be more lean and the increasing prevalence of artificial intelligence as reasons for the cuts. Those who do not find a new role will be offered severance pay and other transition benefits.
Investors are closely watching growth in Amazon's cloud computing unit, which faces increasing pressure from rivals and artificial intelligence deals.