Amazon: profits double, Jeff Bezos to step aside

(CercleFinance.com) - Amazon's Q4 2020 net sales reached 125.
6 billion dollars, up 44% y-o-y, or up 42% at constant exchange rates.

Quarterly net income came in at 7.2 billion dollars, compared to 3.3 billion dollars the previous year.

For FY 2020, net sales reached 386.1 billion dollars, up 38% relative to 2019 or up 37% at constant exchange rates.

Meanwhile, annual net income was 21.3 billion dollars, almost double the 11.6 billion dollars posted the previous year.

For the first quarter of 2021, Amazon expects net sales of between 100 billion dollars and 106 billion dollars, with operating profit of between 3 and 6.5 billion dollars, compared to 4 billion dollars in Q1 2020. These forecasts assume approximately 2 billion dollars in Covid-19 related costs, Amazon said.

Finally, aside financial details, Amazon announces that in the third quarter of 2021, Jeff Bezos will leave his position as chief executive officer to Andy Jassy, then becoming the company's executive chairman.

"When you look at our financial results, what you're actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition," the founder said.


Copyright (c) 2021 CercleFinance.com. All rights reserved.