On July 5, 1994, a young Princeton graduate named Jeff Bezos introduced the world to his bright idea.
Bezos, operating in a garage space of his rental home in Bellevue, Wash., initially called his company “Cadabra,” a nod to the magician’s traditional “abracadabra” incantation.
However, he reportedly ditched that moniker over concerns that it was a bit too close to the word “cadaver.”
Searching through a dictionary, Bezos settled upon “Amazon” because it was an “exotic and different” place, just as he had envisioned his company.
The entrepreneur decided to sell books online and the fledgling company sold its first book–Douglas Hofstadter’s “Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought”–on July 16, 1995.
As you are undoubtedly well aware, Amazon (AMZN) got bigger- a lot bigger. Over the years, the company moved on from books to all sorts of products and services, including Prime Video, which offers access to hundreds of TV shows and movies to over 200 million members worldwide.
The term “Amazon Effect” has become a thing, referring to the disruptive effect of e-commerce on the global retail industry.
Amazon’s builds AI footprint as business grows
On July 5, 2021–the 27th anniversary of Amazon’s founding– Bezos stepped down as CEO. Today, the company he started in a garage has a market capitalization of roughly $1.9 trillion.
In February, Amazon reported that revenue jumped 14% to $170 billion in the fourth quarter from $149.2 billion a year earlier.
Related: Analyst revamps Micron price target on memory chip demand outlook
Net income rocketed to $10.6 billion, or $1 a share, from $278 million, or 3 cents a share. Strong holiday sales helped fuel the numbers.
“While we’ve made meaningful progress in our financial measures, what we’re most pleased about is the continued customer experience improvements across our businesses,” CEO Andy Jassy told analysts during the company’s earnings call.
