What's Going On With Amazon Stock Thursday?

Amazon.Com, Inc AMZN stock trades higher Thursday as the 48-hour Prime Day shopping extravaganza enters its second day.

The U.S. consumers spent $6.4 billion online in the first 24 hours of its Prime Day, up by 6% year-on-year, despite a dip in consumer spending.

Also Read: US Labor Board Slaps Complaint On Amazon For Bargaining Anomalies

The company launched its 2023 Prime Day extravaganza offering deeper discounts on a wide range of goods and services, including its first-ever travel discounts.

Amazon.Com said that throughout a 2-day event, prime members purchased more than 375 million items worldwide and saved more than $2.5 billion on millions of deals.

“The first day of Prime Day was the largest sales day in Amazon’s history, and Prime members saved more this year than any other Prime Day event,” said Doug Herrington, CEO of Amazon Stores. 

“Prime is an incredible value, and we’re proud to offer additional value for members through exclusive deals events like Prime Day. Thank you to our Prime members for continuing to shop in our store, and to our employees and independent sellers around the world who delivered for customers this Prime Day.”

Analysts estimated it to post weaker sales as the economy recovered from the pandemic amid stiff competition from the likes of stiff competition from other retailers like Walmart Inc WMT and Best Buy Co, Inc BBY.

Price Action: AMZN shares traded higher by 2.11% at $133.57 on the last check Thursday.

Photo via Wikimedia Commons