Analyst: Amazon layoffs mark 'dark times in tech'

STORY: "The clock struck midnight on hypergrowth, and now you're seeing the cuts across the board. Amazon is no different. And this is really a rationalization of cost structure and slower growth times,” Ives said.

“A lot of these tech companies spent like 1980s rock stars the last few years and post-COVID growth hangover, a recession on the doorstep, you're starting to see costs that need to be cut out of the businesses."

The cuts, earlier reported by the New York Times, would represent about 3% of Amazon's corporate staff. The exact number may vary as businesses within Amazon review their priorities, a source told Reuters.

The news follows a wave of layoffs across the technology sector. Just last week, Facebook parent Meta Platforms Inc said it would cut more than 11,000 jobs, or 13% of its workforce, to rein in costs.