Amazon CEO Andy Jassy has announced plans to lay off more than 18,000 employees. image credit: Google

The layoffs, which began last year, were initially expected to affect around 10,000 people. image credit: Google

The job cuts will primarily affect corporate roles in retail and human resources. image credit: Google

The news is a further sign of the challenging economic climate in the tech industry. image credit: Google

Amazon's decision to increase its layoff total indicates a bleak outlook for the company. image credit: Google

Other tech giants, such as Salesforce, have also announced layoffs and cost-cutting measures. image credit: Google

Amazon's stock price rose nearly 2% following the announcement of the layoffs. image credit: Google

Amazon has a total of 1.5 million employees, meaning the cuts will only affect 1% of the workforce. image credit: Google

The company has been investing in its cloud computing, advertising, and video streaming services. image credit: Google

Amazon will provide severance, health benefits, and job placement assistance to affected employees. image credit: Google