Amazon Pauses Headquarter Construction in Virginia After Revenue Losses
After a disappointing 2022 financial performance, which saw Amazon register losses of over $2 billion, Amazon decided to suspend construction at Arlington’s second headquarters.
The Seattle-based e-commerce giant is developing its Arlington base, HQ2, in two phases—the Met Park and PenPlace. As PenPlace is not sufficient to accommodate the company’s current employees, Amazon has decided to suspend construction there. Amazon has decided to suspend HQ2 construction due to poor financial results last year. Amazon’s 2022 net loss was $2.7 billion. This is its largest annual loss.
Last time the company lost money was in 2014. As part of its cost cutting efforts, the firm announced that it would discontinue AmazonSmiles. This is a program to support charities.
It announced that the company would lay off 18,000 employees in January. Amazon already had announced job cuts in November.
“Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so,” Andy Jassy is the CEO said An employee memo was sent at that point. “These changes will help us pursue our long-term opportunities with a stronger cost structure.”
Amazon made it clear to The Epoch Times that pausing during construction is no indication of halting work. “role eliminations.”
“We’ve already hired more than 8,000 employees in HQ2 and we’re excited to
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