Amazon.com Inc (NASDAQ:AMZN, ETR:AMZ) plans to lay off hundreds of workers from its Prime Video and Amazon MGM Studios divisions, according to an internal memo Wednesday.
The affected workers at Prime Video and MGM Studios in the US will be informed on Wednesday with workers in other regions notified later in the week, according to reports.
Job cuts have been a running theme for Amazon over the past two years. In 2023, the ecommerce titan slashed 27,000 jobs in the US following a wave of hiring during the pandemic.
"We've identified opportunities to reduce or discontinue investments in certain areas while increasing our investment and focus on content and product initiatives that deliver the most impact," Mike Hopkins, senior vice president of Prime Video and Amazon MGM Studios, wrote in the note to employees, per reports.
Shares of Amazon climbed 1.4% Wednesday morning to $153.49.