Amazon is laying off hundreds of employees at the company’s corporate headquarters, marking a rare cutback from the massive online retailer that has enjoyed considerable growth over the last few years.
The layoffs, first reported by the Seattle Times, don’t appear to have hurt confidence in the company. Amazon’s stock (AMZN) price is up by nearly than 3.5 percent for the day and rose about $15 since the news of the layoffs broke.
While there is no official word on how many people are being let go from the company, reports indicate that several hundred employees working at Amazon’s headquarters in Seattle and hundreds more within the company’s global operations are being cut. The layoffs are reportedly focused primarily on Amazon’s consumer retail operations.