Amazon (NASDAQ:AMZN) CEO Andy Jassy confirmed plans to lay off more than 18,000 employees as part of the company’s annual review process. The vast majority of these layoffs will occur in Amazon Stores and the People, Experience, and Technology (PXT) Solutions teams.
Amazon plans to compensate the impacted employees with a separation payment, transitional health insurance benefits, and assistance finding new employment.
Jassy stated that the layoffs are expected to support the company’s pursuit of “long-term opportunities with a stronger cost structure.”
In November 2022, Amazon began informing corporate employees about eliminations. It projected eliminating 10,000 roles at the time. The company had also stated that there was a risk of additional layoffs in 2023 because the annual planning process was still not complete.
Is Amazon a Buy Stock?
Wall Street is bullish on AMZN stock, with a Strong Buy consensus rating based on 35 Buys and three Holds. The average price target of $138.56 implies 62.7% upside potential over the next year.
