Amazon announced in its earnings report for the fourth quarter of 2020 that AWS CEO Andy Jassy will replace Jeff Bezos as CEO in the third quarter of this year. Bezos moves to the position of executive chair.
The company delivered its largest-ever quarter with revenue at $ 125.56 billion, pushing it past the symbolic $ 100 billion mark for the first time.
Shares of Amazon were down slightly in extended trading.
Here are the results:
- Earnings: $ 14.09 vs. $ 7.23 per forecast by Refinitiv
- Income: $ 125.56 billion vs. $ 119.7 billion forecast by Refinitiv
Bezos announced his decision to retire in job dispersal and in a memorandum to employees, noting that he will focus on “new products and early initiatives” in his career. new.
“If you do it right, a few years after an amazing invention, the new thing has become the norm. People take it out. That yawn is the greatest recommendation an engineer gets,” Bezos wrote. “When you look at our financial results, what you see is the result of cumulative innovative results. Right now I see Amazon at the most innovative level ever, leaving it as the best time ever. best for this movement. “
After several months of heavy investments, Amazon said it expects coronavirus-related costs to fall to about $ 2 billion in the first quarter of fiscal 2021, down from about $ 4 billion in the third quarter of the year. this year and more than $ 2 billion in the second quarter. .
The company forecast operating revenue of $ 3 billion to $ 6.5 billion, assuming approximately $ 2 billion of Covid-19-related costs.
This story is evolving. Check back for updates.