Amazon (AMZN) to Add More Than 2K Jobs to Expand in Austin
Amazon AMZN, one of the world’s fastest-growing companies with fingers in almost every pie, announced hiring plans for additional positions in Austin, TX, over the next few years.
The e-commerce giant plans to add more than 2,000 corporate and tech jobs, including financial analysts, senior data engineers, senior technical program managers and user experience designers, at its Austin tech hub.
Notably, the company intends to support its expanding operations technology unit, the retail business, and the Amazon Web Services arm on the back of its latest move.
Expanding employee strength is expected to bring further efficiency to the business operations of the company.
In order to accommodate the growing employee base, Amazon plans to open an office in Austin in early 2024, for which it has signed to lease 330,000 square feet of space at a new building at The Domain.
Amazon.com, Inc. Price and Consensus
Amazon.com, Inc. price-consensus-chart | Amazon.com, Inc. Quote
Amazon’s Hiring Spree
Amazon has been adding employees to its workforce over the past few years.
Apart from the underlined move, the company announced plans to create more than 550 corporate and tech jobs in Tempe, AZ, including software development engineers, senior solution architects, project managers and business analysts. The company intends to expand its Phoenix tech hub on the back of this move.
Amazon’s plan to hire additional 7,500 local employees throughout Arizona to expand its fulfillment and transportation employee base remains noteworthy.
The company recently announced plans to create 125,000 local employment opportunities throughout the United States, which remains a significant step toward expanding its business in the country.
Bottom Line
Amazon has been expanding globally to maintain supremacy. The company is investing more in fulfillment, technology and content. Its focus on automating distribution centers is intensifying. The company’s investment in robotics should continue to pay off.
The latest step to recruit more personnel highlights Amazon’s focus on delivering enhanced services to more customers. Consequently, the company is expected to achieve growth targets in the days to come.
However, mounting expenses, owing to growing such endeavors, remain major concerns for the margin expansion of Amazon. Further, it expects to incur huge expenses due to supply-chain constraints and labor supply shortages in the current quarter, which concern.
Zacks Rank & Stock to Consider
Currently, Amazon carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the retail-wholesale sector are Boot Barn BOOT, Target TGT and Costco Wholesale COST. While Boot Barn sports a Zacks Rank #1 (Strong Buy), Target and Costco carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Boot Barn has gained 166.7% on a year-to-date basis. The long-term earnings growth rate for the BOOT stock is currently projected at 20%.
Target has gained 23.3% on a year-to-date basis. The long-term earnings growth rate for the TGT stock is currently projected at 14.4%.
Costco has gained 45.9% on a year-to-date basis. The long-term earnings growth rate for the COST stock is currently projected at 8.78%.
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