Amazon (AMZN) on a Hiring Spree, to Add 100,000 New Jobs

Amazon AMZN is constantly striving to strengthen workforce in a bid to enhance performance during the coronavirus-induced crisis. This is evident from its latest plans to hire more than 100,000 workers.

Notably, all these people will be employed in positions ranging from warehouse workers to delivery drivers. The new positions will include full and part-time workers in the United States, as well as Canada.

With more warehouse workers and delivery drivers, we believe that the e-commerce giant will be better positioned to meet the flurry of online orders that it has been witnessing amid the COVID-19 pandemic.

The latest move aligns with Amazon’s motto of delivering goods on time.

Amazon.com, Inc. Price and Consensus

Amazon.com, Inc. Price and Consensus

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

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 heating up and investment in robotics should continue to pay off.

The latest step to recruit more personnel clearly demonstrates 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 going forward.

Although increased expenses could hurt the bottom line in the near term, we believe that 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 Intuit Inc. INTU, 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 Intuit is pegged at 34.4%, 26.5% and 12.3%, respectively.

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