Stock

Amazon Prime Day 2024 smashes sales records with $14 billion; stock declines despite high demand

Amazon.com Inc (NASDAQ: AMZN) faced a slight decline in stock value today despite achieving record-breaking sales during Prime Day 2024, which saw customers spend over $14 billion across its platform.

The eCommerce giant reported a surge in Prime members participating in this year’s event, marking a significant increase from previous years.

Notably, shoppers showed a strong preference for both well-known brands like Apple and Dyson and smaller businesses such as TruSkin and Native Pet, underscoring a broad appeal across consumer segments.

Amazon Prime Day 2024 highlights:

Amazon revealed that independent sellers exceeded expectations by selling over 200 million items during the two-day shopping extravaganza.

The event also showcased Amazon’s advancements in AI technology, with many customers interacting with the company’s AI-enabled shopping assistant and utilizing Amazon Inspire for enhanced shopping experiences.

The event’s first-day sales surged to $7.2 billion, reflecting a nearly 12% increase from the previous year, while the second day brought in over $7 billion, showing more than a 10% rise.

Notably, nearly half of all orders were placed via mobile devices, highlighting the increasing shift towards mobile commerce.

Despite these impressive sales figures, Amazon’s stock has seen a recent downturn, currently down approximately 7% from its year-to-date high in early July.

Analysts attribute this decline to broader market sentiments and concerns about future performance, especially with upcoming earnings reports on August 1st.

The success of Amazon’s Prime Day has not only bolstered its own sales but also spurred competitors like Walmart and Target to launch competitive deals, aiming to capture a share of the lucrative online shopping market.

This move reflects a broader trend of retailers leveraging major sales events to drive revenue during traditionally slower retail periods.

What’s next?

As Amazon prepares to report its Q2 earnings, expectations are high with analysts forecasting earnings of $1.02 per share compared to 63 cents per share a year ago.

The company’s ability to meet these expectations amidst market volatility will likely influence investor sentiment moving forward.

Despite facing temporary stock market pressures, Amazon’s Prime Day success underscores its continued dominance in eCommerce and consumer technology sectors.

The upcoming earnings report will provide further clarity on the company’s financial health and strategic direction in a competitive retail landscape.

The post Amazon Prime Day 2024 smashes sales records with $14 billion; stock declines despite high demand appeared first on Invezz

You May Also Like

Editor's Pick

In this edition of StockCharts TV‘s The Final Bar, Dave shows how breadth conditions have evolved so far in August, highlights the renewed strength in the...

Economy

Boeing’s crew spacecraft Starliner will stay docked with the International Space Station into August, NASA confirmed on Thursday, as the mission remains on hold...

Stock

S&P 500 pared back its intraday gain on Wednesday following a Bloomberg report that Royal Group has built a multi-billion-dollar short position in U.S....

Economy

A U.S. judge has ruled that former Bed Bath & Beyond investor Ryan Cohen can be sued by investors over a tweet he posted featuring an...

Disclaimer: Richpeoplenetworks.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Richpeoplenetworks.com

Exit mobile version