The US-based e-commerce platform has decided to slow down its hiring process. The decision has come after the company reported slowing sales and a second straight quarter of net loss.
According to Amazon Chief Executive Andy Jassy, hiring will continue but not at the same rate the company did after the pandemic boom. Hiring growth was majorly in the company’s fulfillment networks.
Jassy who took over as CEO from Amazon founder Jeff Bezos last year has been working to cut down excesses of the company’s breakneck expansion of its e-commerce operation during the Covid-19 pandemic.
Amazon’s shares have fallen more than 20% so far this year, roughly in line with the decline of the tech-heavy Nasdaq Composite Index.
In another recent development, Amazon invested in a range of new technologies to get to net-zero carbon by 2040. The company will start to use green hydrogen to replace grey hydrogen, diesel, and other fossil fuels as it works to decarbonise its operations, and this green hydrogen supply contract will provide enough annual power for 30,000 forklifts or 800 heavy-duty trucks used in long-haul transportation.