Amazon.com, Inc. (NASDAQ:AMZN) recently announced that it has expanded its tech hub in Austin. The hub primarily focuses on cloud and big data, and machine learning solutions, among many others.
The hub is part of the online giant’s continuous investment in Texas. This new tech hub is expected to create 800 new job opportunities. The new positions will be focused on software development, hardware engineering, research science and cloud computing.
In this regard, Amazon will open a new 145,000-square foot office in The Domain by next year.
This latest move underscores the company’s basic strategies of continual expansion and increased focus on fulfilling customer needs.
Stock Performance
Amazon is one of the largest online retailers in the world, with extensive operations in North America. Although its primary product line was of books, it has diversified into a host of other product categories and now wants to establish a global presence.
Shares of Amazon have rallied 30.4% compared with its industry’s 4.9% growth in the past year.
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The outperformance can be attributed to the company’s growing retail business, solid loyalty system in Prime, Amazon Web Services (AWS), machine learning and Internet of Things (IoT), among others.
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 its presence in Texas, where it has invested more than $7 billion since 2011. To date, Amazon has created more than 22,000 jobs in the state and continues to hire manpower to meet the growing customer demand.
The Austin technology hub is expected to complement Amazon’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 new products and services to customers.
Going forward, it has plans to create more jobs in Texas across new corporate offices and customer fulfillment centers.
Zacks Rank & Stocks to Consider
Amazon currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same industry include Expedia Group, Inc. (NASDAQ:EXPE) , Ctrip.com International, Ltd. (NASDAQ:CTRP) and ASOS (LON:ASOS) Plc (OTC:ASOMY) , 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 Expedia, Ctrip.com and ASOS Plc is currently projected at 13.4%, 23% and 8%, respectively.
Zacks' Top 10 Stocks for 2019
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From more than 4,000 companies covered by the Zacks Rank, these 10 were picked by a process that consistently beats the market. Even during 2018 while the market dropped -5.2%, our Top 10s were up well into double-digits. And during bullish 2012 – 2017, they soared far above the market's +126.3%, reaching +181.9%.
This year, the portfolio features a player that thrives on volatility, an AI comer, and a dynamic tech company that helps doctors deliver better patient outcomes at lower costs.
Amazon.com, Inc. (AMZN): Free Stock Analysis Report
Expedia Group, Inc. (EXPE): Free Stock Analysis Report
Ctrip.com International, Ltd. (CTRP): Free Stock Analysis Report
ASOS PLS ADR (ASOMY): Free Stock Analysis Report
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