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Amazon Reports Strong Earnings – Andy Jassy will be the next CEO

Amazon AMZN, reported another strong quarter as sales exceed $100 billion for the first time and earnings for the quarter reached a record for the third consecutive quarter.  The company reported quarterly earnings of $7.2 billion, or $14.09 a share, up from $6.47 the same quarter last year. Analysts expecting earnings of $7.20 per share.

AMZN reported Q4 sales of $125.60 billion, topping the analysts expectations of $119.70 billion. This is a 43% increase over sales of $87.44 billion the previous year.

Operating income increased to $6.9 billion in the fourth quarter, compared with operating income of $3.9 billion in Q4 2019.

Amazon cloud-computing segment reported 28% revenue growth in the Q4, below the analysts’ expectations. AWS revenue accounts for 10% of Amazon’s total sales. Revenue at AWS came to $12.7 billion from $9.95 billion, below the Wall Street consensus of $12.83.

AMZN Revenue for 2020 increased to $386.1 billion from $280.5 billion the previous year. Net income for 2020 increased to $21.3 billion, or $41.83/per share, compared with net income of $11.6 billion, or $23.01/per share in 2019. Operating income increased to $22.9 billion, compared with operating income of $14.5 billion in 2019

The company now expects for first-quarter 2021 sales of $100 billion to $106 billion, up from $75.45 billion in the Q1 of 2019.

Bezos will step down! Andy Jassy will be the next CEO

Andy Jassy, who runs the cloud-computing business (AWS), will succeed Jeff Bezos as Amazon CEO. Jeff Bezos announced today that he will step down as CEO in the third quarter of 2021.

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