Amazon shares closed lower after touching record $900 billion valuation

Amazon shares closed lower Wednesday, after the stock briefly touched a total valuation of $900 billion after the tech giant announced a record Prime Day performance.

Amazon shares closed lower after touching record $900 billion valuation

Amazon shares closed in the red Wednesday, despite announcing a record Prime Day performance and touching a total valuation of $900 billion earlier in the session. Amazon shares have surged over 50% in 2018 to-date so far and could usurp Apple as the world’s most valuable company.

Amazon shares ended the US Wednesday session 0.06% lower at $1,842.92. However, that drop came after the stock briefly touched a record high of $1,858.88, which put the total value of the global tech behemoth at just over $900 billion.

Amazon’s record Prime Day

The minor decline in the stock followed confirmation from Amazon that its 2018 36-hour Prime Day event, had been its most successful on record.

Over 100 million products were purchased during the day-and-a-half event period, helping to make it the most successful promotion for Amazon, ever.

Details that helped the online giant achieve that level of success included:

  • A record number of Prime shoppers from 17 different countries.
  • Over five million products were sold in each of the toys, Beauty products, PCs and computer accessories, Apparel and Kitchen categories.
  • There were more new Prime members on July 16th than any other day on record.
  • It was also the best ever day for kids’ tech including the Kids Kindle Fire and the Echo Dot Kids version.

Prime Day used as a member ‘thank you’

Announcing the details of the successful event for Jeff Bezos’ online tech business, Amazon said Prime Day is the company’s way of saying thank you to its members.

“Prime Day offers us a unique opportunity to thank Prime members with our best deals,” said Jeff Wilke, CEO of Amazon Worldwide Consumer.

“Extending Prime Day to a day and a half this year allowed us to further reward members with unbeatable deals, access to exclusive new products and unforgettable experiences that highlight the many benefits of a Prime membership,” Wilke added.

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