As part of its quarterly earnings report today, Amazon announced that founder Jeff Bezos is stepping down as CEO of the online retailer later this year. Andy Jassy will replace him as CEO as Bezos moves into the chairman role.
Suffice to say, Amazon had a record-breaking holiday quarter, with the firm delivering more than one billion “toys, home, fashion, electronics, beauty, and personal care products to customers worldwide.”
For the quarter ending December 31, 2020, Amazon reported a net income of $7.2 billion on revenues of $125.6 billion; that latter figure is an incredible 44 percent gain over the same quarter one year ago. For the full year 2020, Amazon reported a net income of $21.3 billion on revenues of $386.1 billion, an also-incredible 38 percent gain YOY.
“Amazon is what it is because of invention,” Mr. Bezos said of the quarter. “We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more. “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.”
Separately, Amazon today revealed some additional plans for its second headquarters, which is based in Arlington, Virginia, right outside of Washington D.C. The firm is starting its second phase of construction there and will build 2.8 million square feet of office space as part of a commitment to create 25,000 jobs and invest $2.5 billion in the community over the next decade. “The project will create more than 2.5 acres of open space for the local community, run on renewable energy, and bring retail and other services to local residents,” Amazon noted.
Among Amazon’s milestones in the quarter, the firm says that it now has over 50 million Fire TV monthly active users.
And the good times won’t end: Amazon expects revenues to land between $100 billion and $106 billion in the current quarter.