Ark Invest’s Cathie Wood predicts that Amazon will employ more robots than humans by 2030.
Amazon employees will be making less money in 2023, people close to the matter told the Wall Street Journal on Monday.
Shares of the world’s largest online retailer have fallen about 36% over the past year, disrupting Amazon’s stock-heavy compensation plan while pushing employee salaries well below target compensation levels.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 97.20 | -0.95 | -0.97% |
CEOs take pay cuts as uncertain economic conditions weigh
According to the report, Amazon pays its company employees a large portion of their annual salary in restricted stock units, but 2022 stock performance will mean salaries will drop between 15% and 50% this year.
Craig Erlam, a senior market analyst at OANDA, told FOX Business, “I struggle to see a company like Amazon not recovering from a decline of this magnitude.”
“Sentiment towards technology stocks is taking a little longer to settle down, but things should become much clearer in terms of the economy and interest rates over the next few months, and at that point attitudes towards technology could be very different,” he added added.
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Worker selects and packs items during Cyber Monday at the Amazon fulfillment center in Robbinsville Township in NJ, November 28, 2022. (Portal/Eduardo Munoz/Portal photos)
Typically, Amazon offers its employees a lower base salary than its contemporaries like Google, Apple, and Microsoft, but the retailer has made up the difference with stock awards that vest over several years.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ALPHABET INC. | 94.35 | -1.16 | -1.21% | |
| AAPL | APPLE INC. | 152.55 | -1.16 | -0.75% |
| MSFT | microsoft corp | 258.06 | -4.09 | -1.56% |
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An Amazon employee stacks boxes on a cart for delivery on Cyber-Monday in New York City, November 29, 2021. (Portal/Brendan McDermid/Portal photos)
Despite the nearly 40% plunge in its stock price over the past 12 months, Amazon is rebounding in 2023, moving about 13% higher year-to-date and about 3.25% in the green last quarter.
The technology-weighted Nasdaq Composite Index is down 5% year-to-date.
Amazon reported results for 2022 earlier this month.
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The company’s net sales increased 9% to $514.0 billion in 2022. Excluding the unfavorable impact of foreign exchange of $15.5 billion, net sales increased 13% compared to 2021.
Net loss was $2.7 billion, or $0.27 per diluted share, in 2022, compared to net income of $33.4 billion, or $3.24 per diluted share, in 2021.
Danielle Shay, Simpler Trading’s Vice President of Options, shares insights into investing in the stock market in Making Money.