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Jeff Bezos Says It's An 'Optimal Time' For CEO Transition Amid Amazon's Huge Q4 Beat

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Jeff Bezos Says It's An 'Optimal Time' For CEO Transition Amid Amazon's Huge Q4 Beat

Amazon.com, Inc. (NASDAQ: AMZN) reported a fourth-quarter earnings beat and announced Jeff Bezos will transition to the role of executive chair in the third quarter. Andy Jassy will take over as the new CEO of Amazon.

Earnings: Amazon reported quarterly earnings of $14.09 per share, which beat the analyst consensus estimate of $7.23 by 94.88%. This is a 117.77% increase over earnings of $6.47 per share from the same period last year.

The company reported quarterly sales of $125.60 billion, which beat the analyst consensus estimate of $119.70 billion by 4.93%. This is a 43.65% increase over sales of $87.44 billion the same period last year.

Guidance: Amazon sees first-quarter sales at $100-$106 billion versus $95.7 billion estimate and operating income of $3-$6.5 billion.

See Also: Jeff Bezos Shares Amazon's First Job Posting

Bezos: “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.

"As Exec Chair," Bezos said in a separate release, "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."

AMZN Price Action: Amazon shares closed at $3,380. The stock has a 52-week high of $3,552.25 and a 52-week low of $1,626.03.

 

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