Amazon saw its sales surpassing the $100 billion milestone in the final quarter of 2020, the first in the company’s history just as CEO Jeff Bezos steps down.
The global e-commerce giant said its net sales surged by 43.7% to $125.6 billion in the fourth quarter of 2020, compared to $87.4 billion the same period of previous year, mainly due to the increase in online shopping during the pandemic and holiday season.
Net deals for entire year of 2020 expanded 37.6% to $386 billion, from $280.5 billion of every 2019.
Net income rose 118% to $7.2 billion in fourth quarter time of a year ago, the total earnings reached $21.3 billion in full year 2020, up from $11.6 billion in 2019, a 83.6% gain.
A great many individuals and corporations in the US and around the globe have resorted to web based shopping since last March as quarantine and stay-at-home orders compelled many high street stores to shut down for a greater part of last year.
The eCommerce giant said it estimates net sales to be between $100 billion and $106 billion in the first quarter of this year, which would mark a growth between 33% and 40% compared with the first quarter of 2020.
Jeff Bezos having led Amazon beyond the trillion dollar mark and the second company after Apple to make over a $100b in revenue in a quarter, has now decided to step down and become the company’s Executive Chairman. He says he wants more time and energy for other endeavours. He wants to focus on fighting climate change and his space project, Blue Origin.
Amazon stock rose 1.1 percent yesterday on the news making making it a $1.7 trillion company.