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Amazon (AMZN) to Further Add 10K Jobs, Expands in Bellevue

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The retail giant, Inc. AMZN, one of the world’s fastest growing companies with fingers in almost every pie, recently announced plans of hiring for additional positions in Bellevue, Washington, over the next few years.

The company plans to add 10k permanent jobs in Bellevue in order to meet the rising demand for products.

Of late, there has been an increased demand for delivery of food and on-demand goods at consumers’ doorstep. As consumers turn to digital options as a means to circumvent the physical shopping environment, the change in behavior is evident.

The latest move aligns with Amazon’s motto of delivering goods on time., Inc. Price and Consensus, Inc. Price and Consensus, Inc. Price and Consensus, Inc. price-consensus-chart |, Inc. Quote

Hiring Spree Continues

Amazon has been adding employees to its workforce over the past few years.

This February, the company announced its intention to expand to 15,000 employees in Bellevue.

The e-commerce giant has been keen on opening new offices across the United States. The company has purchased two million square feet of office space in Bellevue. In addition to this, Amazon has secured substantial real estate in the city, the 555 Tower, which is the tallest building in Bellevue and West Main, a three-building project.

The move aligns with Amazon’s motto of providing better services to customers, accommodate rapid growth and leverage the area’s diverse high-technology talent pool.

This year, the company has been adding new jobs all around the globe, thanks to the surge in online orders due to the coronavirus-induced lockdowns. Just recently, the company announced its plans to add approximately 7,000 jobs at its warehouses and other sites across the U.K. in the coming months.

All these endeavors make sense as the company continues to open new fulfillment centers and invest in logistics, cloud computing as well as machine learning.

Bottom Line

Amazon has been expanding on a global basis in a bid to maintain supremacy. The company is investing more in fulfillment, technology and content. Its focus on automating distribution centers is clearly intensifying, and investment in robotics should continue to pay off.

The latest step to recruit more personnel highlights that Amazon is focused on expanding operations in the country and delivering enhanced services to more customers. Consequently, the company is likely to achieve growth targets in the days to come.

Although elevated expenses could hurt the bottom line in the near term, we believe these measures are necessary to maintain its dominance in this highly competitive market.

Zacks Rank and Stocks to Consider

Currently, Amazon carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader technology sector include Dropbox DBX, Etsy, Inc. ETSY and Maxim Integrated Products, Inc. MXIM, 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 rate of Dropbox, Etsy and Maxim is pegged at 34.4%, 26.5% and 10%, respectively.

The Hottest Tech Mega-Trend of All

Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.

See Zacks' 3 Best Stocks to Play This Trend >>

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Dropbox, Inc. (DBX) : Free Stock Analysis Report
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