The world’s largest e-commerce platform, Amazon.com Inc, announced on Tuesday it reached an agreement to acquire an $8 billion loan, Reuters reported.
The loan set to mature in nearly one year will support the company’s expenditures, debt repayments, acquisitions, and working capital needs.
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Record drop
Moreover, Amazon has reportedly planned to lay off thousands of its corporate staff by early January, in a bid to cut its operating expenditures and offset losses, according to New York Times.
While the exact details of planned redundancies were not disclosed, the company was targeting nearly 10,000 job cuts, according to Reuters.
In 2022, the company registered the slowest annual growth in over two decades, due to preceding plans for rapid expansion and hefty investments.
To offset the significant revenue decline, the company postponed planned warehouse openings and halted recruitment for corporate job roles.
Moreover, the company suspended various businesses and ventures, including telehealth services and delivery robots.
