Amazon cuts hiring as sales slow.
- Amazon, a day after Meta announced it would “dramatically” decrease staff to cut costs, would stop recruiting in certain companies due to slowing sales and recessionary worries.
- On October 28, Amazon CFO Brian Olsavsky said, “As the third quarter proceeded, we observed slower sales growth across several of our businesses as well as the rising foreign currency headwinds, I described earlier, and we expect these impacts to linger throughout the fourth quarter.
- “As we’ve done in the past, we’re also tightening our belt, including suspending recruiting in certain sectors and winding down goods and services when we feel our resources are better spent elsewhere.”
- Net sales were $127.1 billion in the third quarter, up 19% year-over-year excluding 460 basis points (bps) of foreign currency rate effect. Analysts projected somewhat higher sales.
- Basis points are one-hundredth of percentage points.