By
Godfrey Benjamin
April 18th, 2024
Amazon (AMZN) stock is rising now. The company’s job openings rose in April while they fell at Alphabet, Facebook and Netflix, according to Citi.
American multinational company, Amazon.com Inc (NASDAQ: AMZN) is dominating all the top rank positions amid the disruption caused by the ongoing coronavirus outbreak. The company’s shares have been green over the past twelve months, with the rally anticipated to continue over the summer. Meanwhile, last month the number of job openings at Amazon was rising.
AMZN stock closed yesterday trading at $2436.26, after adding $16.48 during the day. Incredibly, AMZN shares have been able to retest the high of the past 52 weeks, at around $2433. With the coronavirus still poised as a direct threat to the ‘normal’ lifestyle, Amazon is set to reap hugely from its e-commerce business. At teh time of writing, Amazon stock is 1.68% up, at $2467.
The company has experienced a sharp uptick in demand for its services, mostly the door-step delivery, which is driven by the stay-at-home order. As a result, the company has been expanding its capacity to deal with a profound amount of workload.
Previously, Amazon had to cancel its deal with FedEx Corporation (NYSE: FDX) to focus on its business and hence increase its capacity. In addition, the company has been increasing its number of employees in order to meet the high demand of its delivery services.
However, there have been claims that the company is not looking into employees who needs to be protected from contracting novel coronavirus. Several strike demonstrations have been staged to protest on that matter, and the company is progressively improving on it.
Citi Shows Amazon Job Openings Growing
According to a review by Citi analysis that was published on Monday, Amazon displayed over 36,000 job openings at the end of April, up 19% year over year. Other companies have been shrinking their workforce to reduce their spending due to reduced business activities.
Specifically, Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), Facebook Inc (NASDAQ: FB), Netflix Inc (NASDAQ: NFLX ) and also Twitter Inc (NYSE: TWTR) all posted a drop in year over year job postings.
However, as Amazon increased its capacity to sell groceries to consumers and also cloud services to businesses through the pandemic, its need for more employees rose sharply. It is a relief to a small portion of over 36 million Americans who registered jobless claims since March.
“Excluding Amazon, total job postings fell 51% in April 2020 versus last year” the report noted. “So far, e-commerce, social media and streaming services have experienced a boost in traffic” it added.
At the end of the first three months, Amazon had 840,400 employees, which is 33% up year over year. It is, however, not clear if the company will retain a large number of employees once the coronavirus is tamed and business reopen.