Amazon could pass Walmart in revenue for the first time

TheStreet’s Conway Gittens brings you the biggest news of the day, including how Amazon could make history.

Transcript

00:00Amazon is about to make history again.

00:03Analysts have been crunching the numbers and if they are right,

00:06Amazon took in about $187 billion in quarterly sales during the period that includes Christmas.

00:12A number that big means Amazon likely outsold Walmart on a quarterly basis for the first time ever.

00:20Walmart has been the company with the biggest quarterly sales of any company for every quarter since 2012,

00:27according to records kept by LSEG.

00:30That $187 billion sales number is special for another reason.

00:34It keeps Amazon in a rarefied club of companies with quarterly revenues above the $100 billion mark.

00:41The momentum, however, is clearly with Amazon.

00:45The company is taking a bigger share of retail dollars as it fine-tunes operations to a T.

00:51Amazon Prime has become a force to reckon with, with 200 million members and counting.

00:57A fee of $139 a year brings all kinds of swift shipping options,

01:02which keeps Prime members clicking that complete order button.

01:05As a matter of fact, Amazon says Prime members on average make two orders every week.

01:11Some experts say nearly 60% of all online shopping is done on Amazon.

01:18Walmart, however, isn't rolling over playing dead.

01:21It too has launched a monthly membership program called Walmart Plus

01:25and vows to keep up the competition where it matters most, convenience and value.

01:29So while Amazon might be on track to topple Walmart as the biggest revenue generator for the fourth quarter,

01:36Walmart is still likely to be the biggest revenue generator for all of 2024.

01:42Turning now to markets, consumer stocks are getting a tasty bite from Yum!

01:46Brands, the parent company of KFC, Pizza Hut and Taco Bell, beat forecasts thanks to the success of its value meal.

01:53That'll do it for your daily briefing from the New York Stock Exchange.

01:56I'm Conway Gittens with The Street.