Amazon (AMZN) has announced plans to create 3,500 new corporate and tech jobs at its Canadian Tech Hubs in Vancouver and Toronto. The new roles will support existing teams across Amazon, including AWS, Alexa, Amazon Advertising, and Retail and Operations Technology, the company said.
The jobs include software development engineers, user experience designers, speech scientists working to make Alexa smarter, cloud computing solutions architects, sales and marketing executives.
“Amazon’s investment has tangible benefits for the broader economy and community – from the people we employ, to the small businesses we empower, to the charities we support, to the academic opportunities we fund. We’re proud to reaffirm our commitment to Canadian cities at this critical time,” commented Jesse Dougherty, Amazon VP and Vancouver Site Lead.
Three thousand of the new jobs will be in Vancouver, where Amazon will expand its footprint at The Post by more than 680,000 square feet. In Toronto, Amazon will lease 130,000 square feet of space at a new office tower on York Street, adding five floors to accommodate 500 new jobs.
Since 2010, Amazon says it has invested more than $11 billion in Canada, including infrastructure and compensation. It has over 21,000 full- and part-time employees in the country. (See Amazon stock analysis on TipRanks).
With 37 back-to-back buy ratings in the last three months, AMZN scores a firm Strong Buy Street consensus. Meanwhile the average analyst price target stands at $3,732, indicating 21% upside potential lies ahead. That’s with shares already up 67% year-to-date.
Needham analyst Laura Martin recently reiterated her buy rating on Amazon with a $3,700 price target. “We believe that AMZN invests billions of dollars every quarter in growth initiatives, which understates its near term FCF [free cash flow] and value, especially in light of its long track record of building valuable new businesses from these investments” she explained.
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