The end of the week saw a very important statistic come to light as Amazon has outearned Google in one key area amid AMZN’s continued gains to end the week. Indeed, the massive e-commerce company has displayed some positive performance in October’s last two weeks.
The development will have Amazon challenging for increased supremacy within the information technology sector. Its stock was up 2.3% Friday, trading at the $188 mark as it looks to end the year strong, preparing for an impressive start when the calendar turns.
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Amazon Beats Google in One Key Statistic as AMZN Looks to Surge
2024 has certainly been a positive year for several tech stocks across the board. With Nvidia (NVDA) surging almost 200% throughout that time, it has been followed by a host of stocks quick to embrace the AI demand boom. Yet, the market is still regarding companies that are taking more traditional routes.
One that is looking to benefit off of both is Amazon (AMZN), as it has outearned Google by 15% in one key area on its way to ending the week in the green. Specifically, the company has seen its Q3 ad growth reach 15%, beating the Alphabet business’s 11% growth rate.
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Amazon’s future grew from 8% in the previous quarter, with Prime Day attributing a lot of the positive output. The annual event saw a 29% increase in spending over that of 2023. Moreover, Google saw ads and shopping down from 14% in Q2, while spending rose to 16%.
However, the discrepancy is yet to see analysts project Amazon to outperform Alphabet (GOOGL) in the coming year. An Investors Business Daily report projects the latter to reach a market value of $2.5 trillion in the next 12 months. Alternatively, they expect Amazon to reach a $2.3 trillion value in the same time frame. It will be interesting to see how the final two months of performance shape or change those expectations.