Amazon (AMZN) CEO Andy Jassy said in a note late Wednesday the company’s planned job cuts will now impact at least 18,000 employees, significantly more than previously indicated. Jassy’s memo came after the Wall Street Journal reported the news. Shares fell 2.4% on Thursday.
The figure marks the highest workforce reduction by a tech company in recent months as a growing number of names in the sector lay off workers to cut costs amid more challenging market conditions. Amazon lost roughly $834 billion in market value in 2022.
Bed Bath & Beyond (BBBY) said in a statement published Thursday that it is facing bankruptcy as it grapples with continued financial struggles. Shares tanked 30%.
Shares of crypto-focused Silvergate Capital (SI) cratered 42.6% after The Wall Street Journal reported Thursday the bank was forced to sell assets at a sizable loss to cover $8.1 billion in withdrawals following the bankruptcy of FTX. The plunge comes after the stock rallied 27% Wednesday.
Coinbase (COIN) shares fell 11.1% following a downgrade from Cowen to Market Perform from Outperform, citing a "fairly consistent drawdown" in trading volumes and risk from probable regulatory enforcement action after the collapse of FTX.
Shares of T-Mobile (TMUS) rose 3.2% after the mobile service provider reported fourth-quarter subscriber growth slightly above estimates. The company added 927,000 new phone customers in the period, compared to analyst calls for 921,000.
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