Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

It's good to be with you on this Tuesday, October 28th. I'm Julie Morgan. Social media giants are giving in to Australia's under 16 ban, and strategy gets a junk rating.

We'll get to those two stories in just a moment,

but we begin with our headline story, a story that has 200 comments on seeking Alpha thus far.

Amazon is reportedly planning to cut 30,000 corporate jobs or about 10% of its professional workforce. According to Reuters, the company is

making the cuts to lower expenses and compensate for overhiring during the peak demand of the

pandemic. Amazon closed Monday 1.2% higher and is up 0.3% in pre-market action. Sources told Reuters that a variety of divisions within Amazon, including human resources,

devices and services and operations, among others, would be affected.

The report said managers of impacted teams were asked to undergo training on Monday

on how to communicate with staff following

notifications that will start going out via email as soon as this morning.

Paul Donovan with UBS commented about the reports of Amazon's layoffs, saying, in the absence

of official U.S. labor data, such reports assume increased importance. He added that keeping fear of

unemployment in check is critical to keeping U.S. consumers spending. One set of job losses may

not change that, he said, but if this were to broaden out, it would be concerning. Metaplatforms

Snap and BiteDances TikTok say they will comply with Australia's

looming social media ban for those under the age of 16. The ban takes effect on December 10th.

Under the Australian law platforms must take reasonable steps to block users age less than 16

or face a fine of up to $32.5 million.

The platforms previously contended that the ban would push young users toward less regulated and potentially riskier parts of the Internet.

They further argued that enforcing such a ban would be overly complicated. Snap and Google-owned YouTube

have also maintained that they do not qualify as social media companies. S&P Global Ratings has

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