More than 18,000 Amazon workers face losing their jobs in biggest tech layoff yet

Amazon.com, Inc AMZN plans to terminate the services of more than 18,000 workers.

What happened: Staff cuts at Amazon are the highest of a major tech company in the past year, The Wall Street Journal has reported.

The layoffs are due to begin in the coming week and are largely focused on the company's workforce.

Amazon launched a month-long cost-cutting review last year and told its employees in unprofitable divisions to seek work elsewhere.

Between March and September last year, the company reduced its workforce from 1.62 million to 1.54 million.

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Why it matters: Layoffs were to start within its corporate workforce with cuts focused on its devices, recruiting and retail businesses, report says earlier dating from November. At the time, it was announced that the company founded by Jeff Bezos would lay off nearly 10,000 people.

The e-commerce giant also announced a pause in the hiring of its corporate staff in the same month.

Amazon reported third-quarter revenue of $127.1 billion, up 15% year-over-year, below estimate Wall Street of $127.84 billion.

The company expects fourth quarter revenue to be between $140 billion and $148 billion, versus analyst estimates of $155.15 billion.

Price Action: On Wednesday, Amazon shares closed up 1.7% at $86.60 and fell 0.8% in after-hours trading closing time, according to Benzinga Pro data.

Read more: Amazon is pulling back but here's why the downtrend might be temporarily over < /em>

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