So we started to normalize on our channel mix. We pulled in capacity that we probably didn't think would be needed until 2021, maybe later. The stock price rise from $1169 at the end of 2017 to $1847 at the end of 2019 is justified by the roughly 60% increase in Understandably, the rise in EPS was accompanied by a reduction in Amazon’s P/E multiple from 185x at the end of 2017 when it finally turned profitable to 79x at the end of 2019. Gross margin for the quarter was 40.8% and was down 200 basis points from last year. We've pushed video and devices and music and other things to those countries probably earlier in the life cycle than you would have seen in the U.S. And that's been augmented by some new things like our Amazon cinema where we're having first run movies. Thank you.I imagine you mean consumer business countries opening up.Yes. Just to add to that, I think Prime is such a big focus, and some of the growth statements that Brian talked about at the opening of the call, whether it was strength in Prime membership and the acceleration we saw in the U.S. or worldwide or some of the usage stats like the grocery momentum or the doubling of video hours, for us, it's just another encouraging sign.We think there's still a lot more value we can add to that program. So since then, I would say it's getting closer to what we call a more normal mix. The Amazon.com, Inc. stock price is Historical Short-term and long-term AMZN (Amazon.com, Inc.) But certainly, marketing costs were lower. Please proceed with your question.Great. And we have probably accelerated their adoption of Prime benefits. And one of the best ways to save money long term is to use the cloud, not only to turn it into a variable cost, it could be a fixed cost, but also to be able to take advantage of the partner network that we have, the security that we have and also the constant evolution of products and services that we bring to market.Our next question comes from Aaron Kessler with Raymond James.
Amazon stock price forecast for March 2021. Now, as we move into Q3, we need to build the inventory more for Q4, and we've run out of space. Our guidance incorporates the order trends that we've seen to date and what we believe today to be appropriate assumptions. So we're going to have to see what is maybe a step-up in the curve and getting to a point quicker versus what are some one-time sales and things like, hopefully, things like masks and gloves and cleaning supplies in the fullness of time become one-time purchases, but we'll see. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. And sorry, your last point was on new customers versus existing customers.We're seeing similar trends. Lastly, we plan to host Prime Day in Q4 this year rather than Q3, as it has been in prior years.The one exception is Amazon India, which will host Prime Day on August 6 and August 7.
Amazon's second quarter was another highly unusual quarter. Existing Prime member renewal rates improved, and the Prime member growth rate accelerated both in the U.S. and worldwide.Our 3P sellers, who are largely comprised of small and medium-sized businesses, also stepped up to help make more selection available for customers.