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Investing.com -- Amazon.com Inc (NASDAQ:AMZN) stock declined as much as 2% on Tuesday following reports that Prime Day sales dropped nearly 14% in the first four hours compared to last year’s event.
According to an article from Bloomberg, citing data from Momentum Commerce, which manages 50 brands across various product categories on Amazon, the e-commerce giant saw a significant drop in early spending during this year’s Prime Day. Momentum Commerce, which handles approximately $7 billion in annual Amazon sales for brands including Crocs (NASDAQ:CROX), Beats, and Therabody, provided the sales analysis.
The comparison between this year and last year’s event presents challenges as Amazon extended Prime Day to four days from two days. This extended format may be spreading consumer spending over a longer period rather than concentrating it in the initial hours.
Last year, Prime Day sales showed distinct spikes during the morning and evening of the first day, with another surge on the evening of the second day. Analysts note that shoppers might also be strategically waiting for deeper discounts as the extended event progresses.
Despite the early sales decline, the initial hours of Prime Day are traditionally viewed as a key indicator of the event’s overall performance, which appears to have concerned investors enough to push the stock lower.