Amazon (AMZN) stock was down on Monday alongside reports of new layoffs that will hit workers on Tuesday. According to these reports, the e-commerce, cloud computing, and artificial intelligence (AI) company will cut roughly 16,000 jobs, representing a roughly 1% reduction in its global workforce of 1.57 million employees.
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The latest report also suggests that Amazon will focus on its white-collar workers with these layoffs, which make up roughly 350,000 of its employees. To be more specific, the report claims that Amazon will largely target its operations in India when conducting these layoffs. This is a change from prior layoffs, which have largely targeted the company’s U.S. workforce.
Investors will also note that this may not be the end of Amazon’s layoffs in 2026. The same reports about the Tuesday job cuts also said that more will happen before 2026 is over. They estimate that the company will reduce its workforce by nearly 30,000 employees before mid-2026. This would have the new layoffs surpass the 27,000 job cuts during the company’s 2022-2023 restructuring.
Amazon Stock Movement Today
Amazon stock was down 0.42% on Monday but was still up 3.18% year-to-date. The stock has also increased 1.59% over the past 12 months.
Trading activity today is muted, with some 2 million shares traded, compared to a three-month daily average trading volume of about 35.25 million units.
Is Amazon Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Amazon is Strong Buy, based on 46 Buy and a single Hold rating over the past three months. With that comes an average AMZN stock price target of $295.05, representing a potential 23.51% upside for the shares.
