Saturday, August 20, 2022

Amazon says sales are rising after a big Prime Day

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Amazon’s growth has slowed in recent quarters after rising during the pandemic, but the company expects business to pick up quickly. In the second quarter release revenue on Thursday, Amazon said net sales grew just 7 percent year over year, but they are projected to increase by an estimated 13 to 17 percent in the third quarter — which will explain sales of the company’s massive Prime Day shopping extravaganza. .

Amazon sales growth has been steadily declining for over a year:

While we don’t yet know the specific results of this year’s Prime Day, which took place earlier in July, Amazon has claimed that it “biggest Prime Day event ever”, that Prime members bought “more than 300 million items worldwide” and that more than 100,000 items were purchased a minuteincluding more devices than any other Prime Day event.

While growth has slowed, it hasn’t slowed down as much as feared, and the company’s stock price has surged in after-hours trading. And Amazon is still bringing in a lot of money, with revenue of $121.2 billion in the second quarter. However, those sales weren’t enough to stave off a $2 billion net loss, which was largely due to a $3.9 billion loss on its investment in the electric vehicle company Rivian.

The better-than-expected results could indicate that Andy Jassy, ​​who took over as CEO from founder Jeff Bezos a little over a year ago, is beginning to straighten things out. Jassy has had a turbulent first year; In addition to dealing with the rapidly slowing growth, there have been union efforts in Amazon warehouses (including the first successful union vote), and he has had to find a replacement for retail CEO Dave Clark, a 23-year Amazon veteran who resigned in June. . The Wall Street Journal reported last month that Jassy spent much of his freshman year mastering the company’s retail and logistics operations, which had grown too large during the pandemic.

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