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Amazon (AMZN) to Expand AWS With New Office Plans in Redmond
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Amazon (AMZN - Free Report) recently secured an 111,000-square-foot office space in Redmond, WA in a bid to expand the cloud computing arm, Amazon Web Services (AWS).
Notably, the new office space is located in Redmond Town Center, which is a multi-purpose complex.
The latest move is in sync with the e-commerce giant’s strengthening footprint in the Puget Sound Region. Further, the move is expected to provide greater work flexibility as the new office facility has the advantage of being close to the company’s Seattle and Bellevue locations.
The new facility will be focused on building tech and engineering teams that will support Amazon Web Services’ database services.
Amazon strives to create 600 new jobs for the new office space, which is expected to open in 2021. This reflects its commitment toward job creation for the community.
Move to Benefit Amazon
We note that the new office will strengthen AWS operations, which remains crucial for Amazon. Hence, the latest move holds promise as it is likely to drive AWS performance.
AWS has become an integral part of the company. Moreover, the company is gaining on well-performing AWS, which holds the dominant position in the booming cloud market. This has been aiding the company in gaining investor confidence for quite sometime now.
Coming to the price performance, Amazon has returned 39.3% on a year-to-date basis, compared with the industry’s rally of 28.1%.
Additionally, expanding AWS presence is likely to keep Amazon ahead of Redmond, WA-headquartered Microsoft (MSFT - Free Report) , which is also gaining strong traction in the cloud computing space on the back of its robust Azure.
Moreover, strengthening AWS operations are expected to continue providing Amazon a competitive edge against Alphabet’s (GOOGL - Free Report) Google Cloud and International Business Machines’ (IBM - Free Report) cloud platform, IBM Cloud.
The latest move bodes well for Amazon’s strong efforts toward expanding presence in the Puget Sound Region, which is highly resourceful in terms of talent.
Further, the latest job creation commitment is part of the company’s pledge,announced in the beginning of this year, to continue investing in this particular region.
Apart from the latest move, the company is planning to create to above 15,000 jobs at its new Bellevue campus. Further, it is also building another facility in Redmond thatwill include new offices, design space, R&D labs and prototype manufacturing facilities in order to support its Project Kuiper, which aims to create a constellation of low Earth orbit satellites.
With all these endeavors, Amazon intends to explore further economic opportunities in this region. Notably, the company’s investment in Puget Sound Region has exceeded $38 billion till date since 2010. Further, it has created above 55,000 jobs in the region in total as of now.
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.1% per year.
These 7 were selected because of their superior potential for immediate breakout.
Image: Bigstock
Amazon (AMZN) to Expand AWS With New Office Plans in Redmond
Amazon (AMZN - Free Report) recently secured an 111,000-square-foot office space in Redmond, WA in a bid to expand the cloud computing arm, Amazon Web Services (AWS).
Notably, the new office space is located in Redmond Town Center, which is a multi-purpose complex.
The latest move is in sync with the e-commerce giant’s strengthening footprint in the Puget Sound Region. Further, the move is expected to provide greater work flexibility as the new office facility has the advantage of being close to the company’s Seattle and Bellevue locations.
The new facility will be focused on building tech and engineering teams that will support Amazon Web Services’ database services.
Amazon strives to create 600 new jobs for the new office space, which is expected to open in 2021. This reflects its commitment toward job creation for the community.
Move to Benefit Amazon
We note that the new office will strengthen AWS operations, which remains crucial for Amazon. Hence, the latest move holds promise as it is likely to drive AWS performance.
AWS has become an integral part of the company. Moreover, the company is gaining on well-performing AWS, which holds the dominant position in the booming cloud market. This has been aiding the company in gaining investor confidence for quite sometime now.
Coming to the price performance, Amazon has returned 39.3% on a year-to-date basis, compared with the industry’s rally of 28.1%.
Additionally, expanding AWS presence is likely to keep Amazon ahead of Redmond, WA-headquartered Microsoft (MSFT - Free Report) , which is also gaining strong traction in the cloud computing space on the back of its robust Azure.
Moreover, strengthening AWS operations are expected to continue providing Amazon a competitive edge against Alphabet’s (GOOGL - Free Report) Google Cloud and International Business Machines’ (IBM - Free Report) cloud platform, IBM Cloud.
Amazon.com, Inc. Revenue (TTM)
Amazon.com, Inc. revenue-ttm | Amazon.com, Inc. Quote
Growing Footprint in Puget Sound Region
The latest move bodes well for Amazon’s strong efforts toward expanding presence in the Puget Sound Region, which is highly resourceful in terms of talent.
Further, the latest job creation commitment is part of the company’s pledge,announced in the beginning of this year, to continue investing in this particular region.
Apart from the latest move, the company is planning to create to above 15,000 jobs at its new Bellevue campus. Further, it is also building another facility in Redmond thatwill include new offices, design space, R&D labs and prototype manufacturing facilities in order to support its Project Kuiper, which aims to create a constellation of low Earth orbit satellites.
With all these endeavors, Amazon intends to explore further economic opportunities in this region. Notably, the company’s investment in Puget Sound Region has exceeded $38 billion till date since 2010. Further, it has created above 55,000 jobs in the region in total as of now.
Currently, Amazon carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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