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Amazon.com Inc. (AMZN) said Tuesday that it will hire 250,000 seasonal employees in the U.S. for the holidays, which is 100,000 more than a year ago. The ecommerce behemoth's stock fell 2.8% in midday trading, and has shed 6.1% amid a four-day losing streak, since it closed at a 13-month high of $144.85 on Sept. 13. The company said it was investing $1.3 billion toward pay increases for customer fulfillment and transportation employees, bringing the average hourly pay to $20.50, up 7.9% from the average pay of $19 a hour a year ago. In some locations, Amazon said the pay would be as much as $28 an hour. "Whether someone is looking for a short-term way to make extra money, or is hoping to take their first step toward a fulfilling and rewarding career at Amazon, there's a role available for them," said John Felton, senior vice president of worldwide operations at Amazon. The stock has soared 62.0% year to date, while the S&P 500 has gained 15.2%.

-Tomi Kilgore

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September 19, 2023 12:15 ET (16:15 GMT)

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