SAN FRANCISCO, Feb. 2 (Xinhua) -- Amazon.com, Inc. on Tuesday announced its financial results for the fourth quarter ended Dec. 31, 2020, with net sales of 125.6 billion U.S. dollars, up 44 percent year over year.

Excluding the 1.7 billion U.S. dollars favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, the company's net sales increased 42 percent compared with 87.4 billion dollars in the fourth quarter of 2019.

Its operating income increased to 6.9 billion U.S. dollars in the fourth quarter, compared with operating income of 3.9 billion dollars in the fourth quarter of 2019.

Net income increased to 7.2 billion U.S. dollars in the fourth quarter, or 14.09 dollars per diluted share, compared with net income of 3.3 billion dollars, or 6.47 dollars per diluted share, in the fourth quarter of 2019.

Its operating cash flow increased 72 percent to 66.1 billion U.S. dollars for the trailing 12 months, compared with 38.5 billion dollars for the trailing 12 months ended Dec. 31, 2019.

Amazon's common shares outstanding plus shares underlying stock-based awards totaled 518 million on Dec. 31, 2020, compared with 512 million one year ago.

For the full Year 2020, the company's net sales increased 38 percent to 386.1 billion U.S. dollars, compared with 280.5 billion dollars in 2019. Excluding the 1.4 billion dollars favorable impact from year-over-year changes in foreign exchange rates throughout the year, net sales increased 37 percent compared with 2019.

Its full-year net income increased to 21.3 billion U.S. dollars, or 41.83 dollars per diluted share, compared with net income of 11.6 billion dollars, or 23.01 dollars per diluted share, in 2019.

Amazon also announced that its founder and CEO Jeff Bezos will transition to the role of Executive Chair in the third quarter of 2021 and Andy Jassy will become Chief Executive Officer at that time.

"When you look at our financial results, what you're actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition," said Bezos.