Amazon Reports Over $100 Billion in Q4 as Jeff Bezos Prepares to Step Down as CEO of the Company

By James White Wednesday, February 3, 2021

Ecommerce giant Amazon released the financial statements of the business for the year of 2020, alongside plans for billionaire entrepreneur Jeff Bezos to step down as CEO of the company he founded in 1994. From modest online book retailer to massive digital marketplace and streaming service, Amazon continues to dominate the market as new leadership takes hold of the trillion-dollar business.

An Amazon corporate building.

Transitions and Promotions

Bezos is not done with his company just yet. While the position of CEO will be handed over to Andy Jassy, CEO of Amazon Web Services (AWS), Amazon’s subsidiary cloud-computing platform, Bezos will be transitioning to his new position of Executive Chair in Q3 2021. The founder will likely continue to play a large role in the company as Jassy adjusts to the new position and takes over more day-to-day responsibilities.

“Amazon is what it is because of invention,” Bezos said in the financial report. “We do crazy things together and then make them normal. If you do it right, a few years after a surprising invention, the new thing has become normal. People yawn. That yawn is the greatest compliment an inventor can receive. 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.”

Jassy joined the company in 1997 and is responsible for building up the AWS cloud platform as well as pushing the company to begin selling music alongside books.

“Andy is well known inside the company and has been at Amazon almost as long as I have,” Bezos said in a letter to Amazon employees. “He will be an outstanding leader, and he has my full confidence.”

Amazon’s Numbers Are, Predictably, Very Impressive

Amazon remains at the forefront of the ecommerce business. The company reported its first quarter with net sales surpassing $100 billion in Q4 of last year. The business saw quarterly net sales grow 44% from 2019’s $87.4 billion to a staggering $125.6 billion. Over the course of the year, the business reported net sales reaching $386.1 billion and a net income totaling $21.3 billion. Stock prices have increased by nearly 70% for the company since this time last year to $3,380 a share, while the business sports a $1.7 trillion market cap.

“Amazon couldn’t be better positioned for the future. We are firing on all cylinders, just as the world needs us to,” Bezos’ letter reads. “Keep inventing, and don’t despair when at first the idea looks crazy. Remember to wander. Let curiosity be your compass. It remains Day 1.”

About the Author

Headshot for author James White

James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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