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Using website traffic, app downloads, and monthly active users data from SimilarWeb (NYSE:SMWB) and SensorTower, the analysts said the e-commerce giant continues to lead, despite decelerating app downloads.
Overall, Citi revealed that industry website traffic declined 6% YoY. However, Amazon’s increased by 35%, while its monthly active users (MAUs) rose by 16%.
However, after growing consistently since July 2022, Soares said that Amazon’s app downloads decelerated to +1%.
Amazon shares are up more than 1% at the time of writing on Tuesday, adding to its more than 35% year-to-date increase. However, in the last 12 months, Amazon shares are only up 7.4%.
