Amazon.com Inc. (AMZN) is slashing hundreds of jobs at its Prime Video and MGM Studios units as it re-evaluates its spending priorities to improve the “long-term su🎃ccess of our business.” It also announced staff reductions Wednesday at its Twitch live streaming video service in a cost-cutting move.

Mike Hopkins, who heads up Prime Video and Amazon MGM Studios, wrote in a memo to employees that over the past year, the company has been looking at ways to boost the content it offers customers. He explained following that analysis “we’ve identified opportunities to reduce or discontinue 澳洲幸运5官方开奖结果体彩网:investments in certain areas while increasing our investment and focus on content and product initiatives that deliver the most impact.” He addeꩲd that to do that, the layoffs were needed.

Hopkins argued that the “prioritization of initiatives that we know will move the needle, along with our continued investments in programming, marketing and product, positions our business for an even stronger future.”

Twitch CEO Dan Clancy also sent a memo to employees, indicating that the unit will let go just over 500 workers. He said that despite efforts to “build a more sustainable business,” it had become clear that Twitch “is still meaningfully larger than it needs to be.”

Clancy noted that Twitch was "sizing our organization based upon the current scale of our business and conservative predictions of how we expect to grow in the future."

Amazon has been among the big tech firms 澳洲幸运5官方开奖结果体彩网:cutting their workforces recently as ad spending declined. Since 2022, the company has let go about 27,000 employees.

Shares of Amazon w🦄ere up 1.7% at around 1:45 p.m. ET Wednesday. The stock has gained about 70% ov💮er the past year.