The company has seen strong sales growth and investor interest at Amazon Prima day , held annually on July 11-12. The first half of Prime Day 2023 was Amazon’s biggest sales day ever. All the Prime Day stats are out and they are records. The two-day event saw more than 375 million items sold worldwide with savings of more than $2.5 billion. Amazon claims the first day of the event was Amazon’s biggest sales day in their history. The event was also the biggest Prime Day ever for independent retailers, with some small businesses seeing an 18-fold increase in average daily sales. TikTok played a big role in the success of Prime Day, with more than 400 million video views with the hashtags #primeday, #primeday2023 and #amazonprimeday2023. The number of Prime Day-related views has skyrocketed over the past few years, nearly doubling year-over-year. Google was another who briefly flirted with the idea of competing with Amazon. For a while, Google Shopping had a section called “Buy with Google” that allowed shoppers to browse and buy products directly on Google. While Google Shopping is still alive, Google has reportedly killed off its Buy with Google section, with all results now pointing to merchants’ own websites, preventing the notion of Google as a direct competitor to Amazon.
The company recently released financial results for the second quarter of 2023.
– Amazon’s second quarter was very successful. In the fourth quarter, the company expects even higher revenue growth. The company will focus on cutting costs and investing in new areas such as advertising due to the economic difficulties of high order packaging costs.
– Amazon’s second-quarter earnings topped analysts’ expectations, with revenue rising 11% to $134.4 billion compared with the same quarter a year earlier.
– AWS revenue rose 12% to $22.1 billion, accounting for 70% of Amazon’s operating profit.
– Amazon’s advertising business also grew, with revenues of $10.7 billion in the latest quarter.
– Q3 revenue is estimated to be around USD 138bn to USD 143bn, which corresponds to a growth of 9% to 13%.
These facts have attracted the attention of multinational banking corporations and private equity investors to buy shares of Amazon.com, Inc (NASDAQ-AMZN). The average target price for the short- to medium-term investment horizon has been set at $175.90 per share.