Amazon Reports Record Sales in Holiday Quarter Inc. capped off its pandemic-fueled 2020 financial performance with record quarterly sales driven by a surge in online holiday shopping, as founder and Chief Executive Jeff Bezos said he would step down and hand over the CEO role to a new leader.

The e-commerce giant posted fourth-quarter sales of $125.5 billion and net income of $7.2 billion. It marked the first time Amazon reported more than $100 billion in quarterly revenue, days after Apple Inc. hit that financial milestone.

Few companies have seen growth take off like Amazon during the global health crisis. The explosion in online shopping vaulted the company’s sales to record figures as the e-commerce sector grew by around 50% throughout last year, according to some analysts.