Apple posted its first ever $100bn-revenues quarter last week, and now Amazon has hit the same milestone. In fact, Amazon’s net sales grew by 44% year-on-year to $125.6bn in the fourth quarter of 2020, fuelled by pandemic home-shopping habits. That helped the company to post an operating profit of $6.9bn. For the full year, Amazon’s revenues were $386.1bn, up 38% on 2019.
Amazon doesn’t split out Amazon Music figures, but its ‘subscription services’ business – which includes Prime memberships, Audible, Prime Video etc as well as music – saw revenues grow by 34% year-on-year to $7.06bn in Q4.
There was some big news alongside the financials though: CEO Jeff Bezos is stepping down. Well, he’s hopping aside to a position as executive chair, with Amazon’s cloud services boss Andy Jassy taking the helm as CEO.
The transition will happen in the third quarter of this year. “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,” said Bezos in a statement.
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