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7/16, 9:14 PM (Source: TeleTrader.com)
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Amazon Prime Day starts, expected revenue $1.6B

Amazon Inc. launched its third Prime Day on Monday expecting to make it the biggest "Christmas in July" 36-hour event yet that will reportedly hit the revenue of $1.6 billion. During Prime Day, Amazon offers a number of deals to its Prime members and since its start in 2015 the company recorded a significant increase in sales every year during the event.

The retail giant first started Prime Day three years ago to celebrate its 20th birthday when the sales during the event reached $0.9 billion. In 2016 sales jumped to $1.52 billion, while in 2017 Prime Day saw the sales of $2.41 billion. In 2017 Prime Day took over Black Friday and Cyber Monday in biggest sales of the year in the United States where 53 million people shopped on Amazon during the event. Amazon Prime currently has over 100 million members.

The company's shares saw record highs on Monday, increasing 0.80% at 9:12 pm CET. At the same time, a number of users reported an error page with the "Dogs of Amazon" on the Prime Day web page upon the launch of the event. Errors on the mobile app also reportedly occurred. Amazon has not commented on the issue.

Breaking the News / SS