It was a tough week for FANG stocks with even the all-conquering Amazon.com unable to hold on to its post-earnings gains.
However, as Statista's Felix Richter notes, after a remarkable hiring spree and the acquisition of Whole Foods saw Amazon add more than 200,000 employees in 2017, the first six months of 2018 indicate that the company's workforce will be growing at a less spectacular rate this year.
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Amazon CFO Brian Olsavsky said on a call with reporters Thursday that Amazon has slowed its external hiring in favor of filling some positions with internal transfers.
“What we are doing is probably hiring and transferring more people internally in the last six months, so the net hiring hasn’t been driven by external hiring, it’s been more by internal transfers and re-leveling in some areas and seeing where we maybe need to add back,” Olsavsky said.
On a separate call with analysts, Olsavsky said he doesn’t necessarily see this hiring practice as a long-term trend but it “certainly creates a lot of operating efficiencies.”
Amazon is only the second U.S company to employ more than half a million people, but it will have a hard time grabbing the number 1 spot anytime soon: Walmart currently employs 2.3 million people around the world.