Amazon Earnings: Bezos Goes Out On a High
WWD | February 2, 2021
Amazon’s earnings announcement went over its largest quarter by revenue ever — $125 billion in sales — alongside the news that chief executive officer and founder Jeff Bezos will step away as CEO to become executive chair of the Amazon board in the third quarter of 2021.
Judging by the numbers, he’s going out on a high note. With revenue that shot past the $100 billion revenue threshold, a first for the company, Amazon Inc. shattered expectations for the holiday quarter. Revenue of $125.56 billion easily dwarfed the $119.7 billion expected, and earnings per share of $14.09 far exceeded predictions of $7.23 per share. Bezos offered more insight, “Amazon is what it is because of invention….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,” he wrote. “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.”
Andy Jassy, will take Bexos' place later this year, CEO of Amazon Web Services. “He has not only been a visionary leader, he’s a strong operator, as I said, and he’s got a great track record of developing multiple things and businesses within Amazon."