AMZN - As Amazon Prime Day Hits Records Is Now a Great Opportunity to Buy Amazon Stock?
2024-07-20 18:00:00 ET
Prime Day is always a big shopping event for Amazon (NASDAQ: AMZN) , as the e-commerce giant lures shoppers to its site with deals. This year's shopping event set a record for the company, with Adobe Analytics projecting shoppers spent approximately $14.2 billion on its platform during the two-day event.
Let's look at the strong showing Amazon is seeing with Prime Day and what that could mean for the stock.
Approximately $14.2 billion in sales on Amazon's platform would be about an 11% increase from 2023 levels, according to Adobe. That would represent a nice acceleration from the 6% growth Adobe estimated that consumers spent on its platform during its Prime Day event last year. Amazon does not disclose its actual Prime Day event sales, but did say it was a record.
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As Amazon Prime Day Hits Records, Is Now a Great Opportunity to Buy Amazon Stock?