Amazon announced in its earnings report for the fourth quarter of 2020 that Amazon Web Services CEO Andy Jassy will replace Jeff Bezos as Amazon CEO during the third quarter of this year. Bezos will become executive chairman.
The company also delivered its largest quarter by revenue of all time at $125.56 billion, pushing it past the symbolic $100 billion mark for the first time.
Shares of Amazon were up 1% in extended trading.
Here are the results:
- Earnings: $14.09 vs $7.23 per share forecast by Refinitiv
- Revenue: $125.56 billion vs $119.7 billion forecast by Refinitiv
Bezos announced his decision to step down in the earnings release and in a memo to employees, noting that he will focus on “new products and early initiatives” in his new role, including the Day One Fund, Bezos Earth Fund, The Washington Post and his private space company Blue Origin.
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