Amazon’s latest earnings cap off a sterling 2020, despite the pandemic
Amazon founder and soon-to-be-former CEO Jeff Bezos is stepping down from his role, making way for Andy Jassy to take his place, and the company couldn’t be in better shape financially for the big transition.
Despite the ongoing COVID-19 pandemic, Amazon has kept growing bigger during times that have strained many other businesses. In its Q4 2020 earnings release this afternoon, the company reported net income more than doubling to $7.2 billion for the quarter, compared to $3.3 billion for the same period in 2019. Amazon’s full year 2020 net sales were up 38 percent, to $386.1 billion.
There’s a little more to unpack in these Q4 earnings than one might usually see. For 2020, Amazon shifted its Prime Day shopping event from the middle of…