Shares of technology companies sank as sectors sensitive to the economic growth outlook suffered.
Amazon.com Inc. said it is laying off employees across its corporate ranks in a rare round of cuts for a tech giant that has mostly seen consistent growth throughout its history. The company said Wednesday that it is shedding workers as it aims to control costs.
Amazon could cut about 10,000 jobs, including in its retail, devices and human-resources divisions, a person familiar with the matter said, who also noted that the final number could change.
Chinese electric-car giant BYD said it is pausing the planned spinoff of its chip subsidiary, opting to focus on boosting the unit's automotive-semiconductor output to meet rising demand for electric vehicles.
Tencent is shedding most of its stake in food-delivery company Meituan as the Chinese social-media and videogame giant moves to cash out from its investments in China's internet sector.
Micron Technology said it is scaling back production of its chip wafers, citing market conditions as the industry grapples with softening demand. The company said it expects production starts of wafers for the two major types of memory chips, called DRAM and NAND flash, to be about 20% lower than in the recently ended quarter. Micron said it is working on further cutting capital expenses.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
11-16-22 1700ET
