Amazon.com Inc. (Nasdaq: AMZN) expected to break even during the last three months of 2021, but instead it raked in double what it took home the previous year, thanks largely to its investment in Rivian Automotive Inc.
CEO Andy Jassy had warned investors that the plunge in profit the company had reported after its fiscal third quarter of 2021 could persist into the fourth quarter. This was due to rising labor costs to meet the demand of the holiday season.
Instead, Amazon posted a $14.3 billion profit with sales of $137.6 billion in its fourth-quarter earnings report. That’s up from $3 billion the previous quarter, and up from $7.2 billion in the fourth quarter of 2020. For the year, the company logged $469.8 billion in total revenue, up 22% from the prior year, and net income of $33.4 billion, up 57% from 2020.
Only $2.5 billion of Amazon’s fourth-quarter profit came from its business ventures. The rest, $11.8 billion, was from the growth in value of its 18% stake in Rivian (NASDAQ:…
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