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Amazon Announces New Job Positions for New York Offices

Zacks Equity Research

Amazon.com, Inc. AMZN announced two job positions for its existing offices in New York.

These two new job listings are for a front-end engineer and a software development manager. They will form part of the company’s Intelligent Cloud Control, which focuses on varied growth areas like cloud computing, advertising and fashion.

The move is in line with Amazon’s strategy of adding efficiency to its production and operations by bringing more talent and expertise to the company. This will aid business growth of Amazon.

Coming to share price performance, shares of Amazon have steadily trended upward over the past year. The stock has returned 28.3% against its industry’s decline of 7.3% in the said period.

Focus on New Job Positions

Late last year, the company stated that it has selected Long Island City, NY and Arlington, VA for building its new headquarters.

The company further said that though the hiring in the new locations is expected to be slow initially, it plans to add 700 jobs in 2019 and close to 3,000 by 2020. However, the e-commerce giant intends to create more than 25,000 jobs in each HQ2 location by 2028, in turn expanding its employee base.

Notably, Amazon has more than 610K employees globally and in excess of 250K workforce in North America alone. The sheer numbers make the company a massive force in employment.

Bottom Line

Amazon has been expanding on a global basis in a bid to maintain supremacy. In this regard, the company is heavily investing to hire more people in cloud, fulfillment, technology and content.

Reportedly, New York reached 128,600 of tech employment in 2017 and is often considered the hub of talent. Consequently, adding more positions in the city is likely to be a major positive for Amazon.

Given that the company is likely to ink a deal to lease new space in New York, Amazon is likely to have a competitive advantage against tech bigwigs such as Alphabet GOOGL and Apple Inc. AAPL, which have also been expanding their presence in the city.

All of these benefits are likely to add value to the company and aid the performance of its business model.

Amazon.com, Inc. Price and Consensus

 

Amazon.com, Inc. Price and Consensus | Amazon.com, Inc. Quote

Zacks Rank & Another Stock to Consider

Currently, Amazon carries a Zacks Rank #2 (Buy). Another top-ranked stock in the broader technology sector is Groupon, Inc. GRPN, carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Long-term earnings growth rate for Groupon is currently pegged at 3%.

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