Amazon Stock Rises as Prime Day Confirmed for Oct. 13-14 - TheStreet

Amazon Stock Rises as Prime Day Confirmed for Oct. 13-14

The Seattle tech and online-retail giant Amazon scheduled its Prime Day shopping event for Oct. 13-14.
Author:
Publish date:

Amazon's  (AMZN) - Get Report stock rose on Monday after the online retailer scheduled its annual Prime Day shopping extravaganza for Oct. 13-14, in time for the holiday season.

Shares of the Seattle company at last check rose 1.75% to $3149.80.

Prime Day, which is typically held in July, was delayed by three months due to the coronavirus pandemic.

Concern about supply-chain disruptions and managing excess inventory of Amazon devices amid the pandemic also contributed to the delay of the much-hyped event.

Amazon said it would spend an additional $100 million on promotions to help hard-hit small businesses reach more consumers. Small businesses generally have been hammered during the pandemic as shoppers were forced to stay home.

Starting Monday the tech giant will also offer Prime members a $10 credit to use on Prime Day when they spend $10 on items sold by select small businesses in Amazon’s store. 

"In the midst of an unprecedented year, we’re committed to making this the most successful Prime Day ever for our small businesses and excited for Prime members worldwide to discover new ways to support local entrepreneurs and save big on everything they need and love,” Jeff Wilke, Amazon's CEO for worldwide consumer, said in a statement. 

Prime members pay $119 a year or $13 a month for their subscriptions. For that cost, they get free and fast shipping, free streaming access to movies, video and music, free online storage for photos, discounts at the company's Whole Foods chain and more.  

Analysts estimate that Amazon took in $7 billion of revenue from Prime Day last year, The Wall Street Journal reported.

Amazon last week unleashed an array of new products including new Echo models, a game service called Luna, a drone for home security, and many others. 

And two weeks ago Amazon said it planned to hire as many as 100,000 full- and part-time employees across the U.S. and Canada to work in its growing network of fulfillment centers.