It’s a new era for Amazon.
Jeff Bezos is stepping down as CEO of the company and transitioning to executive chair of the Amazon Board. Andy Jassy, chief executive of Amazon’s cloud computing division, will become CEO during the third quarter of this year.
But, as the saying goes, the more things change, the more they stay the same. The e-commerce giant experienced another stellar quarter amid Prime Day and the holiday season.
The online shopping empire saw net income soar to $7.2 billion in the fourth quarter, compared with net income of $3.3 billion during the same period last year.
Amazon has additionally been growing its fulfillment centers, seeing a 50 percent increase in square footage year over year.
“2020 was a big build year for us” CFO Brian Olsavsky said during Tuesday’s earnings call.
The company has also grown its grocery store offerings. Amazon Fresh grocery stores expanded into seven new cities in California and Illinois, bringing the total to eight customer-facing locations and five ghost stores. Half a dozen new stores are set to open moving forward.
Beyond its warehouses and brick-and-mortar stores, Amazon unveiled plans for the second phase of construction for its headquarters in Arlington, Virginia. Amazon plans to build 2.8 million square feet of office space, which will support 25,000 jobs.
During the fourth quarter, the company also announced plans to invest $2 billion into a new Housing Equity Fund. The fund will preserve and create over 20,000 affordable housing units where its headquarters are in Washington State’s Puget Sound region; Arlington, Virginia; and Nashville, Tennessee.