What's Going On With Amazon Shares?

What's Going On With Amazon Shares?

Amazon.com, Inc. AMZN shares are trading lower by 2.02% to $98.76 Monday afternoon. The stock is possibly trading lower following reports the company is planning to layoff some 10,000 corporate and technology roles this week.

Per the NY Times, the job cuts would mark the largest layoffs in Amazon's history. The NY Times says the cuts will mostly be seen in the devices, human resources and retail segments.

The news comes amid ongoing, recent workforce cuts across the broader tech sector. Per data from CNBC, Amazon had 1.6 million full- and part-time employees as of Dec. 31, 2021, a 102% increase from the reported 798,000 employees at the end of 2019.

Additionally, Amazon shares have also experienced weakness since the company last month reported worse-than-expected third-quarter sales results and issued fourth-quarter sales guidance below analyst estimates.

According to data from Benzinga Pro, AMZN has a 52-week high of $188.11 and a 52-week low of $85.87.

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