Amazon.com, Inc. (NASDAQ:AMZN) shares were down 0.75% to $742.63 on Wednesday and an additional 0.08% in after-hours trading. The company has a market cap of $347.80 billion at 471.83 million shares outstanding. Shares have been trading in a 52-week range of $451.00 to $757.34.
Amazon.com is a company that offers a range of products and services through its website, including merchandise and content that it purchases for resale from vendors and those offered by third-party sellers. Prime Day is a one-day global shopping event exclusively for Amazon Prime members. The event is expected to have driven a record number of subscribers and sales, although some experts say that this is merely a way for the company to unload excess inventory.
According to the e-commerce giant, Prime Day 2016 was a huge success, citing that customer orders in the US exceeded last year’s by 50% and global customer orders up by 60%. In a statement, Amazon.com also shared that the Fire TV Stick sold 2.5 times over last year and that more than 90,000 televisions were purchased.
Also, more than a million customers used the Amazon app for the first time. However, some noted that glitches on the website and the shopping cart early in the day may have weighed on sales.
Prime Day was another record-breaking success for the sellers and small businesses worldwide participating in the event. Small businesses and sellers on Amazon offering deals to Prime members saw orders nearly triple year-over-year on Prime Day – both worldwide and in the U.S.” indicated Amazon.com’s statement.
Research group Benchmark Co. raised priced targets for Amazon.com stocks from $750 to $915 after Prime Day 2016. The group also predicted that these strong sales should shore up third quarter earnings. Analysts are expecting even stronger figures for Black Friday and Cyber Monday later this year. The company is scheduled to release its Q2 earning figures on July 21, possibly providing a better catalyst for stock price rallies.
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