Welcome to our weekly recap on the latest business news from the past week. As usual, we’ve got a lot to cover, so let’s dive right in.
Amazon to Expand Footprint with 7 New Warehouses
This week, e-commerce giant Amazon announced its plans to expand its footprint in the US with seven new warehouses. The warehousing facilities will be located in major cities across the country and are expected to create thousands of new jobs.
This move comes at a time when Amazon has seen a surge in demand for its products due to the COVID-19 pandemic, leading to a strain on its supply chain. The addition of new warehouses will help the company meet the growing demand of customers, especially ahead of the holiday season.
Zoom Reports Record Revenue in Q3 2020
Video conferencing platform, Zoom, continues to soar as millions of people around the world continue to work and socialize remotely due to the pandemic. This week, the company reported record revenue of $777.2 million in Q3 2020, up 367% year-over-year.
The company has also raised its full-year outlook and expects to close out the fiscal year with revenue of approximately $2.58 billion, up from its earlier forecast of $2.37 billion.
Tesla to Join S&P 500 Index in December
Electric vehicle manufacturer, Tesla, is set to join the S&P 500 Index in December, a move that is likely to boost the company’s already soaring stock price. Tesla’s inclusion in the index comes after months of speculation and is expected to attract a surge of investment from index funds.
The company’s stock price has already experienced a significant boost this year, rising more than 500% as more investors bet on the future of electric vehicles and renewable energy.
Wrap Up
That’s all for this week’s recap of the latest business news. As always, we’ve covered a lot of ground, from Amazon’s expansion plans to Zoom’s record-breaking revenue, and Tesla’s inclusion in the S&P 500.
One thing is clear – the impact of the COVID-19 pandemic continues to be felt across the world, with businesses continuing to adapt to the new normal. As we look ahead to the future, it’s clear that the business landscape is likely to continue to evolve rapidly, with new opportunities and challenges emerging every day.
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