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Amazon sales boost as Prime members flock to snap up bargains

 1 year ago
source link: https://www.telegraph.co.uk/business/2023/08/03/amazon-sales-boost-as-prime-members-flock-snap-up-bargains/
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Amazon sales surge as Prime members flock to snap up bargains

Meanwhile, iPhone maker Apple reveals lower revenues

By Matthew Field

3 August 2023 • 9:59pm
An Amazon Prime delivery vehicle

The tech giant said its Prime Day sales event over July 11-12 was its largest ever, saving customers $2.5bn (£2bn) on deals.

Credit: Gene J. Puskar/AP

Amazon unveiled surging sales as Prime members flocked to its website to snap up bargains.

The tech giant said its Prime Day sales event over July 11-12 was its largest ever, saving customers $2.5bn (£2bn) on deals.

The online retail giant revealed overall sales of $134.4bn, up 11pc, and told Wall Street it expected its near-term revenues and profits to smash expectations.

Retail at its bricks-and-mortar shops beat market expectations, as did its online sales. The tech giant reported an 11pc boost to North American sales, which it put down to its increased selection of brands, including Victoria’s Secret lingerie.

Amazon reported net profits of $6.7bn in the three months ending in July, compared to a loss last year after an investment write-down.

Its high-margin Amazon Web Services division, its internet infrastructure arm, reported $22bn in sales.

The Seattle-headquartered company has moved to cut corporate headcount to bring down costs after breakneck growth during the pandemic. So far, it has announced it will slash 27,000 roles in 2023.

The $1.3 trillion retailer, now in its second year under chief executive Andy Jassy, who replaced Jeff Bezos in 2021, also issued rosy guidance for the year ahead, sending its shares up 7pc and raising hopes the US economy could avoid recession in 2023.

Elsewhere, iPhone maker Apple revealed revenues of $81.8bn over the quarter, down 1pc on the previous year but in line with Wall Street’s expectations. Shares in Apple were roughly flat in after market trading.

With a total value of $4 trillion between them, the fortunes of Apple and Amazon have been closely watched as a health check for the US economy.


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