Amazon stock has declined 35% so far in 2022.
Ina Fassbender/AFP via Getty Images
Amazon has set the date for Prime Day – a big test on whether shoppers will shrug-off the cost of living squeeze and spend amid four-decade high inflation.
The world’s largest online retailer said Thursday that its annual two-day sale event offering discounts for paying members of its speedy-shipping and video streaming service will take place on July 12 and 13.
Investors will be hoping Prime Day could help boost Amazon ’s (ticker: AMZN) stock after the tech giant posted its first quarterly loss in seven years, driven by soaring inflation and supply-chain shortages, and gave a disappointing outlook. The event will be held in the third quarter this year as opposed to the second quarter.
Analysts at Deutsche Bank estimated that Prime Day in 2021 generated sales of about $3.5 billion. Amazon stock, which has fallen by more than 35% since the start of the year, fell 4.4% in Thursday trading.
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