Amazon has a chance to do something it’s never done before.
Transcript:
Conway Gittens: Amazon is about to make history, again. Analysts have been crunching the numbers, and if they are right, Amazon took in about $187 billion in quarterly sales during the period that includes Christmas. A number that big means Amazon likely outsold Walmart on a quarterly basis – for the first time ever. Walmart has been the company with the biggest quarterly sales of any company for every quarter since 2012, according to records kept by LSEG.
That $187 billion sales number is special for another reason, it keeps Amazon in a rarified club of companies with quarterly revenues above the $100 billion mark. Walmart, of course, is the leader of that club. Apple is a member too, but only makes a special appearance every year during the holidays. United Health recently joined the pack.
The momentum, however, is clearly with Amazon. The company is taking a bigger share of retail dollars as it fine-tunes operations to a T. Amazon Prime has become a force to reckon with, with 200 million members and counting. A fee of $139 a year brings all kinds of swift shipping options, which keeps Prime members clicking that complete order button. As a matter of fact, Amazon says Prime members, on average, make two orders every week. Some experts say that nearly 60 percent of all online shopping is done on Amazon.
Walmart, however, isn’t rolling over, playing dead. It too has launched a monthly membership program called Walmart+, and vows to keep up the competition where it matters most: convenience and value. So, while Amazon might be on track to topple Walmart as the biggest revenue generator for the fourth quarter, Walmart is still likely to be the biggest revenue generator for all of 2024.
Turning now to markets, Consumer stocks are getting a tasty bite from Yum Brands. The parent company of KFC, Pizza Hut, and Taco Bell beat forecasts thanks to the success of its value meal.
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