Prime Day Drove 14% YoY Online Revenue Growth at Amazon: Cowen
Cowen projected Amazon’s Q3 e-commerce revenue growth at 14% year on year, driven by July Prime Day sales, analyst John Blackledge wrote investors Monday. The analyst estimated $6.8 billion in revenue for the July 12-13 event, which would be $5…
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billion above what it estimated Amazon brought in in the 2021 period. Prime Day 2022 benefited from faster delivery speeds year on year and improved in-stock levels that drove higher conversion, Blackledge said. For Q4, Cowen forecasts Amazon revenue at $129.7 billion, a 17.1% increase, driven by Amazon Web Services, advertising and third-party fulfillment services, plus a “recovery in Online Store sales.” Cowen tweaked its Q4 forecast for Amazon, raising gross merchandise value estimates by 0.3% but lowering revenue by 0.4%. It now forecasts revenue at $157.9 billion, a 14.9% bump year on year, while lowering the stock price target from $215 to $195. Amazon reports Q3 earnings Oct. 27.