Wednesday’s Headlines: Amazon 'Primed' For Record Sales
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Roku Inc. (ROKU) +5.4%
The Trade Desk (TTD) +5.3%
Nordstrom (JWN) +4.7%
Yext (YEXT) +4.7%
Moving Down ⬇️
Duluth Trading (DLTH) -3.3%
Baozun (BZUN) -2.6%
nCino (NCNO) -2.0%
1. According to a report from Adobe (ADBE), the first 24 hours of Amazon (AMZN) Prime Day has been a huge success, resulting in the most online sales in a day so far this year. Amazon’s sales are set to exceed $5.6 billion on the first day, up 8.7% year-over-year, and surpassing the $5.1 billion spent online over Thanksgiving Day last year. Vice President of Commerce Product and Platform at Adobe, Jason Woosley, said: “The first day of Prime Day successfully accelerated spending momentum for U.S. e-commerce to new heights, in an online retail environment that is already experiencing elevated level of growth due to the pandemic.” Read more here.
2. In a bid to one-up its rivals, Twitter (TWTR) is rolling out applications for Super Follows and Ticketed Spaces. Super Follows will generate additional monthly revenue by allowing users to charge for access to premium content, which Twitter will then take a cut of. The mini blogging site's fees are steeper than competitor Patreon, but creators who mainly engage with their audience on Twitter should benefit from being able to monetize without needing to direct followers to another app. Meanwhile, Ticketed Spaces looks more promising, since rivals Clubhouse and Spotify (SPOT) Greenroom don’t have similar options yet. With this service, users can charge for access to one of Twitter’s social audio rooms and can set their ticket price, along with additional features. More here.
3. Attention singletons, stop swiping, and start creating videos if you want to find love on Tinder. The Match Group (MTCH) dating app announced that it will soon give users the option of adding video clips to their profiles. The new addition proves just how much the dating scene has changed after the pandemic with many users still continuing to go on digital dates even as restrictions lift. Rival dating app Bumble (BMBL) and Match’s Hinge relied on video features during COVID-19, and both reported growth in this time. Match Group now has the opportunity to use its most-iconic brand to move with the times and continue to grow Tinder's already 6 million plus premium subscriber base in a bid to boost revenue. See more here.