These major companies are laying off workers at a huge rate

Large companies across various sectors are laying off workers at staggering rates, putting the state of the economy in question.

Among the latest announcements is Microsoft, which said Wednesday the company plans to cut 10,000 workers after shares of Microsoft fell more than 20% during the past 12 months.

An even bigger round of layoffs went into effect this week at Amazon after CEO Andy Jassy announced this month that roughly 18,000 workers would be let go, mainly from the retail division and PXT (People Experience and Technology), which deals with human resources and other matters.

"Amazon has weathered uncertain and difficult economies in the past, and we will continue to do so," Jassy said in a Jan. 4 blog post. "These changes will help us pursue our long-term opportunities with a stronger cost structure."