NEW YORK (TheStreet) -- Amazon.com Inc. (AMZN) is said to be increasing its staffing at its Silicon Valley hardware unit by 27%, over the course of the next five years, in order to expand its lab as its tests out Internet-connected "smart-home" devices, including a one-button accessory for ordering supplies, Reuters reports.
Amazon's CEO Bezos is looking to increase productivity in the company's hardware strategy, despite a less than excited response to the Amazon's latest device, the "Fire" phone, sources told Reuters.
Amazon came to an agreement with the state of California in June, allowing the technology company to grow its full time payroll staff by at least 3,757 employees by 2019, and giving it a $1.2 million tax break, Reuters added.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Amazon is going to invest $55 million in the operations of "Lab126," as the company's hardware unit is called, in order to test home connected devices, as the company continues to compete against Apple (AAPL) and Google (GOOGL) , sources said to Reuters.
One device Amazon is said to be testing is a Wi-Fi unit that can be placed in the kitchen or a closet allowing users to order a variety of products with the press of a button, but sources cautioned Reuters about the possibility these devices may never make it to market.