American online retailer Amazon.com Inc (NASDAQ:AMZN). will cut more than 18 thousand jobs – more than previously planned. The cuts will be the largest in the company’s history, Bloomberg notes.

“Amazon has dealt with uncertainty and challenging economic times in the past and will continue to do so,” Chief Executive Officer Andy Jesse said in a message to employees. “The upcoming changes will help us realize long-term opportunities at a more favorable cost structure.”

The cuts will affect Amazon corporate employees, Jesse said. In total, they will affect 1.2% of the company’s global workforce, which was about 1.5 million at the end of September.

In November 2022, it was reported that Amazon plans to cut about 10,000 jobs.

Amazon shares rose 1.7% yesterday in additional trading after reports of impending cuts emerged. Over the past 12 months, their value has fallen by 48%.