Blue Origin prepares for significant job cuts, Bloomberg News reports

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.