Jeff Bezos is not much too optimistic about the economy.
In a tweet Tuesday, the Amazon founder shared a video of Goldman Sachs CEO David Solomon talking about a “good chance” of a economic downturn.
Bezos seemed to concur and additional his personal commentary.
The volatile U.S. overall economy bounced back again this week but the S&P 500 is down a lot more than 22% this yr.
Bezos provided a related warning concept back again in April. The market has fallen due to the fact then.
Several tech corporations are tightening their budgets amid the economic uncertainty. Microsoft just laid off staff and other people are slowing or halting hiring.
Bezos stays chairman at Amazon, which is reportedly freezing selecting for corporate roles in its retail enterprise. The firm is also shutting down numerous divisions and axing items, although it carries on to invest on giant acquisitions.
Insider described this month that Amazon executives informed employees to “double down on frugality.”
Amazon’s immediate workforce declined by 99,000 employees from the 1st to the next quarter, to 1.52 million folks, the largest sequential fall in its historical past, immediately after overstaffing its warehouses to deal with pandemic-pushed demand from customers.
Profits for the next quarter came in at $121.2 billion, up 7% yr-over-calendar year, exceeding the top conclusion of Amazon’s steering. It was also the very same year-more than-calendar year expansion price in the to start with quarter — the slowest level for Amazon in two many years.
Amazon reports 3rd quarter earnings up coming week. Its stock is down extra than 30% this 12 months.