Amazon.com Inc beat Wall Street estimates for quarterly sales on Thursday, as the retailer’s marketing blitz during the holiday period helped attract shoppers.
Amazon tapped into its huge base of Prime subscribers during the crucial holiday season with attractive early offers and discounts that helped drive business on its e-commerce platform, despite economic turbulence.
The world’s biggest online retailer said it was expecting net sales of between $121 billion and $126 billion for the first quarter. Analysts were expecting $125.11 billion, according to IBES data from Refinitiv.
By Tiyashi Datta; Editing by Anil D’Silva
Digital brands that once steered clear of Amazon are more open to selling on the marketplace, as the e-commerce slowdown and rising marketing costs make it harder to find customers on their own.