Amazon has double digit growth in 2020

In its end of financial year 2020 trading statement, Amazon has announced its founder and CEO Jeff Bezos is to step aside from his current role to become Executive Chair in the third quarter of the year. Andy Jassy is to be CEO.

Fourth quarter profits almost doubled from 2019’s $3.9bn to $6.9bn in Q4 2020. Over the full year the online giant saw operating income hit $22.9bn on net sales of $386.1bn as against operating profit of $14.5bn and net sales of $280.5bn in 2019.

“Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalised recommendations, Prime’s insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more,” said Jeff Bezos, Amazon founder and CEO. “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. 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.”