Amazon Prime Big Deal Days 2024 Scores Record-Breaking Sales

Amazon.com, Inc. AMZN shares are trading higher Thursday. The company announced that Prime Big Deal Days was its biggest October shopping event ever.

The Details:

Amazon said more Prime members shopped compared to last year, and more items were sold during the two-day event than any previous October shopping event. 

The company also revealed a record number of customers worldwide signed up for its Prime membership offering compared to last year’s event in the three weeks leading up to Prime Big Deal Days,

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“Our 2024 Prime Big Deal Days event marked a strong start to the holiday shopping season, with record-breaking sales and participation from Prime members worldwide,” said Doug Herrington, CEO of Worldwide Amazon Stores. 

“We’re excited to deliver for customers this holiday, and we’re grateful to our teams around the world working hard to offer compelling selection, value, and convenience throughout the season,” Herrington added. 

Amazon said the company is on track to deliver at its fastest speeds ever for Prime members this holiday season with 300 million items available with free Prime shipping in the U.S., many with Same-Day or One-Day Delivery. The online mega-retailer plans to hire 250,000 transportation and warehouse workers in the U.S. to support its 2024 holiday rush. 

AMZN Stock Prediction 2024:

When buying a stock for a longer time horizon, it is important for investors to assess where they think the stock is headed in the future.

When mapping a stock's future trajectory, investors should consider factors including the future earnings expectations and expected performance against a benchmark.

Amazon.com’s revenue has grown at an average rate of 17.61% annually over the past 5 years. The average 1-year price target from analysts is $225.79, representing an expected 21.07% upside in 2025.

While past performance is not a guarantee of future results, investors should also look at a stock's historical performance when compared to both a benchmark index and the company's peers. Shares of Amazon.com have seen an annualized return of 4.49%, underperforming the S&P500 index by 5.43%. This compares to 3.81% growth in the overall Consumer Discretionary sector. Amazon.com has a beta of 1.55.

AMZN Price Action: According to Benzinga Pro, Amazon shares are up 0.74% at $186.55 at the time of publication Thursday.

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