Amazon slides despite saying that Cyber Monday was its single-biggest shopping day ever

  • Amazon shares are sliding despite the company saying it had record sales during Thanksgiving weekend.
  • The company announced that Cyber Monday was its biggest shopping day in history.
  • The broader tech sector is under pressure on Wednesday.
  • To see Amazon’s stock price move, click here.

Amazon shares slid despite the company delivering the news that Cyber Monday was its single-biggest shopping day ever.

Though the company enjoyed a 17% increase in Thanksgiving holiday sales from the previous year, its stock was under pressure on Wednesday as investors rotated out of the the broader tech space.

Still, Amazon’s stock is trading near record highs. The company estimated that it received $US6.6 billion in sales, and its mobile app orders increased more than 50%, the company stated in a release. The figures surpassed Amazon Prime Day and accounted for nearly half of all online sales on Black Friday.

“Amazon customers shopped at record levels during the Turkey 5 [Thanksgiving weekend], ordering hundreds of millions of products from toys to fashion to electronics and Amazon devices,” stated Jeff Wilke, CEO of Amazon’s Worldwide Consumer sector.

Amazon shares are down 2.27% at $US1,166.47 on Wednesday but are still up 54.65% this year.

To read more about how cities are trying to profit from the Amazon train, click here.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.