Amazon is forecasting a stronger Q3 revenue, thanks to the success of its Prime Day event. The company’s shares saw a 6% increase in after-hours trading, reflecting the positive market response to the news.
The Prime Day event, which offered discounts on goods and deal codes for services like hotel bookings for the first time, drove U.S. online sales up by 6.1%. This resulted in a record-breaking $12.7 billion in sales as Americans, affected by inflation, rushed to take advantage of the bargains.
Amazon’s nearly 200 million Prime members managed to save over $2.5 billion on approximately 375 million items during the event. This significant saving, coupled with the record sales, underscores the success of the event and its potential impact on Amazon’s Q3 revenue.