Amazon plans to lay off thousands of employees and implement cost-cutting measures as recent quarters have been unprofitable, many media outlets report.
The company could lay off as many as 10,000 employees starting this week, the New York Times reports. It would represent nearly 1 percent of the company’s workforce, which employs more than 1.6 million worldwide.
According to the Wall Street Journal, Amazon has warned employees in some unprofitable units to seek other opportunities within the company, after a months-long review.
The report further said that Amazon is closely evaluating its Alexa business and is currently considering whether it should focus on trying to add new capabilities to the voice assistant, which is available on a variety of Amazon devices.
Shares of Amazon, which have lost about 40% of their value so far this year amid a tech sell-off, briefly pared losses and last traded down 2.4% at $98.38, according to reports.