Amazon.com, Inc. is undergoing significant layoffs, cutting approximately 10,000 jobs due to a sharp decline in its stock value and financial pressures, marking a historic move for the company. Following a disappointing third-quarter earnings report that saw revenue growth lag, Amazon's market capitalization has plummeted by over $1 trillion this year. Despite modest increases in revenue driven by Amazon Web Services, rising costs and operational challenges have prompted the company to streamline its workforce as it attempts to navigate a tumultuous economic environment.
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