Amazon’s latest earnings cap off a sterling 2020, despite the pandemic

Amazon founder and soon-to-be-former CEO Jeff Bezos is stepping down from his role, making method for Amazon Net Providers CEO Andy Jassy to take his place, and the corporate couldn’t be in higher form financially for the massive transition.

Regardless of the continuing COVID-19 pandemic, Amazon has stored rising larger throughout occasions which have strained many different companies. In its This autumn 2020 earnings launch this afternoon, the corporate reported web earnings greater than doubling to $7.2 billion for the quarter, in comparison with $3.3 billion for a similar interval in 2019. Amazon’s full-year 2020 web gross sales have been up 38 %, to $386.1 billion.

There’s slightly extra to unpack in these This autumn earnings than one would possibly normally see. For 2020, Amazon shifted its Prime Day procuring occasion from the center of summer time to mid-October, which doubtless gave its numbers an enormous increase. And in doing so, it principally kicked off the vacation procuring season sooner than ever, with extra individuals at house procuring completely on-line to keep away from in-person gifting.

Amazon’s latest earnings release doesn’t function a prolonged assertion from Bezos, who extra just lately had reserved this spot for saying the corporate would commit large quantities of cash towards COVID-19 analysis and prevention. As a substitute, Bezos used it as a spot to rattle off Amazon’s greatest innovations which have grown in reputation underneath his management, capping off his period because the CEO of the biggest, most worthwhile firm on the planet. He’ll stay CEO till Q3 2021, when Andy Jassy will take over.

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