Amazon Clocks $1 Billion In Daily Sales
Amazon surpassed the $1 billion-per-day revenue mark in the 2020 financial year, marking a mammoth period of growth for the ecommerce giant.
The Jeff Bezos-owned company’s fourth quarter results delivered its largest quarter by revenue of all time, generating $125.56 billion in sales and bringing the full-year revenue to $386 billion, an increase of 38 per cent year-on-year.
It is the first time Amazon has posted a revenue of over $100 billion for the quarter, just days after Apple recorded the same financial milestone.
Amazon’s international sales surged to $37.5 billion in the last three months of 2020, growing by 57 per cent year on year, compared to only 40 per cent growth in the company’s North American division.
The North American arm still generated $75.3 billion sales, the biggest share of Amazon’s business.
Amazon’s milestone billion-dollar daily sales rate has only been achieved by two other companies: Walmart and Exxon Mobil.
The tech giant did not break down sales according to each specific region.
Amazon CEO and founder Jeff Bezos used the earnings call to announce he would be stepping down as CEO and will be taking on the role of executive chairman.
“Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else,” Bezos said.
“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.”