Amazon is doing another batch of layoffs this month with hundreds of employees from its Prime Video and MGM Studio divisions facing unemployment.
According to the staff memo, the job cuts are made to "prioritize our investments for the long-term success of our business," CNBC reported.
The memo was signed by Mike Hopkins, Amazon senior vice president for Prime Video and Amazon Studios.
Affected employees will receive transitional packages following the dismissal.
The announcement comes a few days after Amazon also dismissed 500 employees from its live-streaming platform Twitch.
More layoffs from the e-commerce giant are expected in the coming months as it increases "our investment and focus on content and product initiatives that deliver the most impact."
Amazon Records Highest Job Cuts in History
Since the end of 2022 and well throughout 2023, Amazon has cut more than 27,000 across multiple divisions, marking the largest corporate layoff made in history.
For Amazon's part, the dismissal constituted only a small percentage from each division housing thousands of employees, according to The New York Times.
Amazon has more than 1.5 million staff across its multiple businesses as of December 2023, including both full-time and part-time employees. The majority of the number works in its retailing division.
The growing number of job cuts in one of the biggest e-commerce traders in the world raises concern in the continuing trend of layoffs in the IT industry since 2022.
Related Article : Amazon Layoffs Employees From Music Division
Amazon Closes on Higher Stocks Post-Layoff
Coincidentally, Amazon shares closed 1.5% higher after the layoff memo was made public.
Its shares have also jumped 80% since last year following successful Black Friday and Cyber Monday sales.
Its video-streaming platforms, which laid off a large number of employees, also generated high revenue for the company.
With Amazon going full-in into the AI craze, investors expect the company to be now "playing offense" across most markets.
