AWS Records 28% Growth in Q4 2020 Revenue; Andy Jassy to Become Amazon CEO

Amazon’s (Nasdaq: AMZN) cloud computing business recorded a 28 percent increase in revenue during the fourth quarter of 2020, accounting for 10 percent of the total sales of its parent company, CNBC reported Tuesday.

Amazon Web Services saw its Q4 net sales rose from $9.95 billion to $12.7 billion and reported $3.56 billion in operating income, a 37 percent increase from the previous year.

The Seattle-based technology company also announced Tuesday that AWS CEO Andy Jassy will succeed Jeff Bezos as CEO of Amazon in the third quarter of 2021. Bezos will transition to the role of executive chair at the company he founded more than two decades ago.

Jassy is founder of AWS. He joined Amazon in 1997 and has held leadership positions across the company since then.

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