NEW YORK (TheStreet) -- Shares of Amazon.com (AMZN) - Get Report are higher by 0.52% to $596.96 in early afternoon trading on Wednesday, as the online retail giant said its home services orders have increased by 20% per month on average since launching the platform last year.
The Seattle-based company's Home Services program connects its customers to handymen and other service needs, such as home cleaning, TV mounting, outdoor repair and tire installation.
Adding local services makes sense for the e-commerce company, which has said that over 85 million U.S. customers shop for products that need additional services including installation, Reuters noted.
Amazon.com now offers 36 million pre-packed services on the site, compared to the 2 million it offered when it first began offering local services last year, according to a company spokeswoman.
Customers purchasing appliances, such as washing machines, can choose to include professional installation services at checkout, Reuters noted.
This is attractive to those who usually purchase similar items at home improvement stores like Home Depot (HD).
"We're really excited about the growth we've seen in the past year," Amazon.com spokeswoman Erika Takeuchi toldTheStreet's Rebecca Borison earlier today.
"When we first started customers were already looking for services and buying things that needed servicing, like a faucet or garbage disposal, so it made sense for us to take the 20 years of marketplace experience we had and bring it to professional services," Takeuchi added.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on Amazon.com.
The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income and robust revenue growth.
However, as a counter to these strengths, the team finds that the company has favored debt over equity in the management of its balance sheet.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: AMZN