Amazon.com Inc. (NASDAQ:AMZN) shares fell as much as 2% on Tuesday following reports that Prime Day sales in the first four hours declined nearly 14% compared to last year’s event.
According to Bloomberg, citing data from Momentum Commerce — which manages 50 brands on Amazon including Crocs (NASDAQ: CROX), Beats, and Therabody — early consumer spending during this year’s Prime Day was significantly lower. Momentum Commerce oversees approximately $7 billion in annual Amazon sales across these brands.
The comparison is complicated by Amazon’s decision to extend Prime Day from two days in 2023 to four days in 2024. This longer event may be spreading consumer purchases over a wider timeframe rather than concentrating them in the initial hours.
Last year’s Prime Day featured notable sales spikes during the morning and evening of day one, and another surge on the evening of day two. Analysts suggest shoppers may also be waiting for deeper discounts as the event progresses.
While early sales performance is traditionally a key barometer for the overall event, the weaker start appears to have unsettled investors, contributing to the stock’s decline.