Amazon.com, Inc. (AMZN - Free Report) recently announced that it has expanded its tech hub in Toronto, Canada. The hub primarily focuses on delivering artificial intelligence, cloud and big data, as well as machine learning solutions.
The expansion of the hub is in line with the online giant’s continuous investment in Canada. This new tech hub is expected to create 600 new job opportunities. The new positions will be focused on software development, machine learning, cloud computing, digital advertising and artificial intelligence.
In this regard, Amazon has opened a new 113,000 square foot office in Scotia Plaza in downtown Toronto.
The latest move underscores the company’s basic strategies of continual expansion and increased focus on fulfilling customer needs.
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 gained 17.8% against the industry’s decline of 12.4% on a year-to-date basis.
The e-commerce giant has been successful in creating multiple job opportunities, while strengthening its services all over the world.
The Toronto technology hub is expected to complement Amazon’s robust growth in North America. The company already has a network of 18 tech hubs outside Seattle in North America, which employ more than 20,000 people to deliver new products and services for customers.
Going forward, it has plans to create more than 6,000 jobs in Canada, 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 broader technology sector include AMETEK, Inc. (AME - Free Report) , QuinStreet, Inc. (QNST - Free Report) and Stamps.com Inc. (STMP - Free Report) , 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 for AMETEK, QuinStreet and Stamps.com is currently pegged at 11.18%, 25% and 15%, respectively.
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