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


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

Jeff Bezos isn’t as well optimistic about the financial system.

In a tweet Tuesday, the Amazon founder shared a video clip of Goldman Sachs CEO David Solomon talking about a “good chance” of a recession.

Bezos seemed to agree and extra his possess commentary.

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

Bezos offered a equivalent warning message back in April. The market place has fallen considering that then.

Lots of tech companies are tightening their budgets amid the financial uncertainty. Microsoft just laid off personnel and other people are slowing or halting selecting.

Bezos remains chairman at Amazon, which is reportedly freezing using the services of for corporate roles in its retail business enterprise. The firm is also shutting down several divisions and axing products, while it continues to spend on large acquisitions.

Insider documented this thirty day period that Amazon executives informed workers to “double down on frugality.”

Amazon’s direct workforce declined by 99,000 employees from the 1st to the 2nd quarter, to 1.52 million men and women, the major sequential fall in its historical past, following overstaffing its warehouses to tackle pandemic-driven demand from customers.

Income for the 2nd quarter came in at $121.2 billion, up 7% year-above-year, exceeding the best close of Amazon’s advice. It was also the same year-in excess of-calendar year expansion charge in the to start with quarter — the slowest fee for Amazon in two many years.

Amazon reports 3rd quarter earnings subsequent 7 days. Its stock is down much more than 30% this 12 months.

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