“Being the CEO of Amazon is a deep responsibility, and it’s consuming,” Bezos wrote. “When you have a responsibility like that, it’s hard to put attention on anything else. As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions. I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have.”
The company’s shares were essentially flat in after-hours trading Tuesday following the news. Amazon’s stock has grown nearly 69% over the past year.
Net income in the quarter hit $7.2 billion — nearly double the $3.7 billion Wall Street predicted and more than double the $3.3 billion in income the company earned in the year-ago quater. Earnings per diluted share were $14.09.
The quarterly results include sales from Prime Day, which was held October 13-14 after being postponed over the summer because of the pandemic.
As for the full year, Amazon reported net sales increased 38% to $386.1 billion, more than $6 billion more than analysts had projected. Net income for 2020 reached $21.3 billion, or $41.83 per diluted share, an increase of nearly 84% from a year earlier.
This is a developing story and will be updated.