Net sales rose 44% to $125.6 billion in the three months to December 31, while net income more than doubles year on year.
Retail behemoth Amazon saw its revenues for the key Christmas quarter surpass $100 billion for the first time, driven as a result of the pandemic.
The retailer saw net sales rise 44% to $125.6 billion (£90.4 billion) in the three months to December 31. Net income more than doubled year on year to $7.2 billion (£5.8 billion) and operating income come in at $6.9 billion (£5.6 billion) compared with operating income of $3.9 billion in fourth quarter 2019, reported Retail Gazette.
Over the full year, Amazon’s net sales grew 38% to $386.1 billion (£278.1 billion), while net income increased by a hefty 83.6% to $21.3 billion (17.4 billion) and operating income increased to $22.9 billion (£18.7 billion), compared with operating income of $14.5 billion in 2019.
Amazon’s founder Jeff Bezos also revealed that he will resign as chief executive later this year, stepping into the role of executive chair. Andy Jassy, the retailer’s web services boss, is lined up to replace him in the role of ceo.
“When you look at our financial results, what you’re actually seeing are the long-run cumulative results of invention,” Jeff stated. “Right now I see Amazon at its most inventive ever, making it an optimal time for this transition.”
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