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AMAZON.COM, INC.

(AMZN)
  Report
Delayed Nasdaq  -  04:00:00 2023-02-03 pm EST
103.39 USD   -8.43%
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Cyber Monday set for record sales of $11.2 billion as shoppers wait for discounts

11/28/2022 | 06:08am EST
Cyber Monday at the Amazon fulfilment centre in Robbinsville Township in New Jersey

(Reuters) - Spending on Cyber Monday, the biggest U.S. online shopping day, is set to hit a record $11.2 billion, according to a report, as discounts on everything from clothes to TVs drive shoppers to click "add to cart" even as stubbornly high inflation persists.

The Adobe Analytics report predicts spending on Cyber Monday to rise 5.2% as inflation-weary consumers have been putting off holiday shopping for weeks in the hopes of deep post-Thanksgiving markdowns.

Adobe Analytics, which measures e-commerce by analyzing transactions at websites, has access to data covering purchases at 85% of the top 100 internet retailers in the United States.

Cyber Monday sales fell 1.4% last year as retailers spread out promotional deals across weeks from as early as October to better manage inventories amid widespread product shortages.

However, big single day shopping events appear to be back in vogue this year with major retailers including Target Corp, Macy's Inc and Best Buy Co Inc expecting a return to pre-pandemic shopping patterns.

Target's website on Monday advertised discounts of up to 40% on Hot Wheels toys and holiday decor, while Walmart Inc and Best Buy websites showed deals worth hundreds of dollars on high-end laptops and televisions.

"With holiday promotions kicking off long before the Thanksgiving weekend, consumers have been shopping strategically for the season's best deals," said Mastercard Chief U.S. Economist Michelle Meyer.

U.S. shoppers also spent a record $9.12 billion online on Black Friday, according to Adobe Analytics. However, with sporadic rain in some parts of the country, brick-and-mortar stores and malls saw thinner crowds than usual.

(Reporting by Uday Sampath in Bengaluru; Editing by Shounak Dasgupta)

By Uday Sampath Kumar


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADOBE INC. -3.29% 379.33 Delayed Quote.12.72%
AMAZON.COM, INC. -8.43% 103.39 Delayed Quote.23.08%
BEST BUY CO., INC. -1.20% 90.32 Delayed Quote.12.60%
MASTERCARD, INC. -0.27% 373.91 Delayed Quote.7.53%
TARGET CORPORATION -2.35% 176.76 Delayed Quote.18.60%
WALMART INC. -1.33% 141.71 Delayed Quote.-0.06%
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Analyst Recommendations on AMAZON.COM, INC.
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Financials (USD)
Sales 2023 558 B - -
Net income 2023 14 101 M - -
Net cash 2023 26 494 M - -
P/E ratio 2023 75,1x
Yield 2023 -
Capitalization 1 059 B 1 059 B -
EV / Sales 2023 1,85x
EV / Sales 2024 1,58x
Nbr of Employees 1 541 000
Free-Float 85,5%
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Technical analysis trends AMAZON.COM, INC.
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Mean consensus BUY
Number of Analysts 52
Last Close Price 103,39 $
Average target price 136,86 $
Spread / Average Target 32,4%
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Managers and Directors
Andrew R. Jassy President, Chief Executive Officer & Director
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Jeffrey P. Bezos Executive Chairman
Patricia Q. Stonesifer Independent Director
Jonathan Jake Rubinstein Lead Independent Director
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