Why Amazon Shares Are Falling In Monday's After-Hours Session

Amazon.com, Inc. AMZN shares fell as much as 2.1% to $117.42 during Monday’s after-hours session following a NY Post article titled “Amazon freezes hiring in parts of lucrative web services division.”

What Happened?

The article states that “Amazon has frozen hiring in parts of its lucrative web services division — an apparent escalation of the company’s cost-cutting efforts, The Post has learned.”

The NY Post says the news comes just days after Amazon founder Jeff Bezos warned of a looming recession, saying that “the probabilities in this economy tell you to batten down the hatches.”

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According to data from Benzinga Pro, Amazon has a 52-week high of $188.11 and a 52-week low of $101.26.