Whew. Tuesday night felt like a Friday news dump.
But, of course, this works in the favor of TheStreet Live as we have a lot to talk about.
Let’s start with the headline that not only surprised Wall Street, but managed to make it into the mainstream media and it has to do with Amazon.
The company announced that Jeff Bezos is stepping down from his role as CEO of Amazon. Bezos founded Amazon in 1994.
Bezos will be transitioning to the role of Executive Chair in the third quarter of 2021. Taking his helm as chief executive of one of the largest tech companies in the world will be Andy Jassey, the current CEO of Amazon Web Services.
Jassy joined Amazon back in 1997.
In a letter to employees, Bezos said, “I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO…In the Exec Chair role, I intend to focus my energies and attention on new products and early initiatives. Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence.”
Jim Cramer discusses GameStop (GME) – Get Report, Amazon (AMZN) – Get Report, Alphabet (GOOGL) – Get Report, Chipotle (CMG) – Get Report, AbbVie (ABBV) – Get Report, and AMC (AMC) – Get Report live at 10:30 am E.T.
The CEO transition did understandably overshadow earnings, which–for the fourth quarter–Amazon reported revenue of $125.55 billion, ahead of analyst estimates of $119.72 billion and the company’s first $100 billion sales quarter.
EPS came in at $14.09, almost double a $7.30 analyst consensus.
And then there’s Alphabet since we can’t get enough of tech.
Alphabet reported earnings of $22.30 a share on revenue of $56.9 billion. Analysts were expecting earnings of $15.90 a share on revenue of $53.13 billion.
Services was by far Google’s biggest revenue generator, with $52.9 billion in revenue in the fourth quarter. Cloud revenue for the quarter was $3.8 billion. Other bets generated $196 million in revenue.
And Alphabet was getting price target increases following earnings.
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