'The probabilities in this economy tell you to batten down the hatches' – GeekWire

Amazon CEO Jeff Bezos. (GeekWire File Picture / Kevin Lisota)

Jeff Bezos is not too optimistic about the financial state.

In a tweet Tuesday, the Amazon founder shared a movie of Goldman Sachs CEO David Solomon conversing about a “good chance” of a economic downturn.

Bezos appeared to concur and added his individual commentary.

The volatile U.S. overall economy bounced again this week but the S&P 500 is down additional than 22% this year.

Bezos supplied a comparable warning concept back again in April. The market place has fallen considering that then.

A lot of tech providers are tightening their budgets amid the economic uncertainty. Microsoft just laid off personnel and others are slowing or halting using the services of.

Bezos continues to be chairman at Amazon, which is reportedly freezing selecting for corporate roles in its retail company. The enterprise is also shutting down numerous divisions and axing merchandise, nevertheless it continues to devote on giant acquisitions.

Insider reported this thirty day period that Amazon executives told personnel to “double down on frugality.”

Amazon’s immediate workforce declined by 99,000 staff members from the to start with to the second quarter, to 1.52 million individuals, the major sequential drop in its history, after overstaffing its warehouses to manage pandemic-pushed desire.

Income for the next quarter arrived in at $121.2 billion, up 7% 12 months-about-12 months, exceeding the top rated conclusion of Amazon’s steerage. It was also the identical yr-around-year expansion rate in the initial quarter — the slowest rate for Amazon in two decades.

Amazon studies 3rd quarter earnings future week. Its stock is down extra than 30% this 12 months.

By diana

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