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Amazon Expands Tech Hub in Chicago, 400 New Jobs in Focus

Zacks Equity Research

Amazon.com, Inc. AMZN recently announced expansion of its tech hub in downtown Chicago. The hub — which is part of the online giant’s continuous investment in Chicago — primarily focuses on cloud and big data, along with machine learning solutions, among many others.

Amazon plans to expand this tech hub by more than 70,000 square feet in order to accommodate new positions that will be focused on cloud computing, advertising and business development. This expansion is expected to create 400 job opportunities.

The latest move underscores the company’s basic strategies of continual expansion and increased focus on fulfilling customer needs.

Amazon.com, Inc. Price and Consensus

 

Amazon.com, Inc. Price and Consensus

Amazon.com, Inc. price-consensus-chart | Amazon.com, Inc. Quote

Our Take

The e-commerce giant has been successful in creating multiple job opportunities, while strengthening its services all over the world.

The world’s largest online retailer has been strengthening presence in Chicago, where it has invested more than $4.4 billion since 2010. To date, Amazon has created more than 11,000 jobs in Chicago and continues to hire manpower to meet the growing customer demand.

The Chicago technology hub is expected to complement the retail giant’s robust growth in North America. The company already has a network of 17 tech hubs outside Seattle in North America that employ more than 20,000 people to deliver products and services to customers.

Going forward, it has plans to create more jobs in Chicago across new corporate offices and customer fulfillment centers.

Zacks Rank & Stocks to Consider

Currently, Amazon has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader technology sector include Alphabet Inc. GOOGL, Itron, Inc. ITRI and MACOM Technology Solutions Holdings, Inc. MTSI, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Long-term earnings growth for Alphabet, Itron and MACOM Technology is currently projected at 17.5%, 25% and 15%, respectively.

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