FILE PHOTO: Blue Origin signage is displayed on a screen before the launch of billionaire American businessman Jeff Bezos and his three crewmates on Blue Origin's inaugural flight to the edge of space, in Times Square in New York City, U.S., July 20, 2021. REUTERS/Jeenah Moon/File Photo
(Reuters) -Blue Origin is preparing for significant job cuts to reduce costs and focus on increasing rocket launches after years of research and development, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The magnitude of the layoffs was not immediately clear, though one of the people told Bloomberg News that the Jeff Bezos-backed rocket firm is expected to cut hundreds of jobs, potentially reaching over a thousand.
Blue Origin will address the job cuts in an all-hands meeting with CEO Dave Limp on Thursday morning, the report said.
The company did not immediately respond to Reuters' request for comment.
The move comes about a month after the firm debuted its New Glenn rocket, whose development spanned three CEOs and faced numerous delays as SpaceX grew into an industry juggernaut.
(Reporting by Rajveer Singh Pardesi in Bengaluru; Editing by Sonia Cheema)
