Doesn’t bode well for the rest of retail:
Amazon Cut Its Staff by Almost 100,000 in the June Quarter
https://www.barrons.com/articles/amazon-jobs-cuts-staff-5165…
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Amazon made the mistake of assuming pandemic online shopping habits would carry forward. It didn’t They expanded too fast as a result. The first job cut was Senior VP Dave Clark:
https://www.cnbc.com/2022/06/08/amazon-consumer-chief-dave-c…
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Doesn’t bode well for the rest of retail:
Amazon Cut Its Staff by Almost 100,000 in the June Quarter
Retail jobs increased by 22,000 in July alone, despite repeated warnings from executives at Walmart, Target and Amazon that they are laying off
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Retail jobs increased by 22,000 in July alone, despite repeated warnings from executives at Walmart, Target and Amazon that they are laying off
Just a matter of time - it’s 2008 all over again:
Credit card balances grow at fastest pace in decades
https://www.axios.com/2022/08/02/credit-card-balances-grow-a…
Amazon are a very slick organization - perhaps they are ahead of the curve?
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Just a matter of time - it’s 2008 all over again:
The sky is definitely falling
https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iP8fWanXhRg…
There’s 8.6 million more job openings than unemployed people
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This was expected. They announced it months ago.
They opened numerous distribution warehouses near major cities planning for fast delivery. But ended up over expanding and now are trimming.
But the AWS cloud service continues to do well.
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Just a matter of time - it’s 2008 all over again:
Oh pul-eeeze. You’ve been doing the chicken little dance for so long I think you’ve lost your hold on reality.
Amazon are a very slick organization - perhaps they are ahead of the curve?
The history is pretty simple. When the pandemic hit everyone was locked inside with nothing to do. People started buying more and more stuff and having it delivered to their doorstep. Amazon was caught behind the curve in spite of their prodigious growth over the past decade, and they amped it up.
Just as suddenly people got tired of being cooped up and started spending in a different direction: on services, dining, travel and the like. As warehouses are capital intensive and take time to plan and construct, those cannot be easily stopped. But mid level management can be gotten rid of in no time, and that’s what they’re doing.
It doesn’t portend anything except that Amazon got caught expanding too much too fast. It’s a problem that every company has faced at one time or another, from Starbucks to McDonalds to AT&T. It’s pretty meaningless in the macroeconomic sense, except for Amazon employees and shareholders, and as a pointer to how consumer behavior has mutated in the past six months.
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And yet Amazon is kicking arse in online ad-spend growth.
I imagine the margins here are better than stocking stuff and delivering it:
https://discussion.fool.com/amzn39s-ad-biz-up-over-meta-googl-35…
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