Amazon Has $126B in Q4 Revenue
Amazon blew past Q4 guidance of $112 billion-$121 billion -- and analysts' consensus of $119.6 billion -- posting $125.6 billion in revenue, up 44%, in a holiday quarter padded with October Prime Day receipts. Third-party units were 55% of total…
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paid units during the quarter, said Chief Financial Officer Brian Olsavsky on Tuesday’s earnings call. Olsavsky downplayed changes resulting from Tuesday’s announcement that CEO Jeff Bezos will transition to executive chair in Q3. The move is part of succession planning put in place five years ago, he said. Amazon Web Services CEO Andy Jassy will assume the corporate CEO title when Bezos steps down in Q3. Wedbush analyst Michael Pachter wrote in a Tuesday investor note it’s not clear that Bezos will withdraw from day-to-day oversight of the business, “as we expect him to continue to be integrally involved in company strategy.” The analyst doesn’t foresee major changes at the company with Jassy at the helm and expects the transition to be “seamless and largely inconsequential.” Amazon assumed $4 billion in COVID-19 operating costs in the quarter -- including additional employee pay during the holidays -- bringing total 2020 pandemic costs to over $11.5 billion, Olsavsky said. Amazon's revenue guidance for Q1 is $100 billion-$106 billion, for growth of 33-40% vs. Q1 2020. Operating income is expected to be $3 billion-$6.5 billion vs. $4 billion in Q1 2020. Guidance assumes about $2 billion of COVID-19 costs, said the company.