Amazon (NASDAQ: AMZN) reported 2021 fourth-quarter net sales increased 9% to $137.4 billion, compared with $125.6 billion in the same quarter in 2020.

Operating income in 2021 4Q decreased to $3.5 billion, compared with $6.9 billion in fourth quarter 2020. Net income increased to $14.3 billion in the fourth quarter, or $27.75 per diluted share, compared with $7.2 billion, or $14.09 per diluted share, in 2020’s 4Q.

For the entire year, net sales increased 22% to $469.8 billion, compared with $386.1 billion in 2020.

Operating income for the year increased to $24.9 billion, compared with $22.9 billion in 2020. Net income increased $33.4 billion, or $64.81 per diluted share, compared with net income of $21.3 billion, or $41.83 per diluted share, last year.

“A big thank you to employees across Amazon who overcame another quarter of COVID-related challenges and delivered for customers this holiday season,” said Andy Jassy, Amazon CEO. “Given the extraordinary growth we saw in 2020 when customers predominantly stayed home, and the fact that we’ve continued to grow on top of that in 2021, our Retail teammates have effectively operated in peak mode for almost two years. It’s been a tremendous effort, and I’m appreciative and proud of how hard our teams have worked to serve customers. As expected over the holidays, we saw higher costs driven by labor supply shortages and inflationary pressures, and these issues persisted into the first quarter due to Omicron. Despite these short-term challenges, we continue to feel optimistic and excited about the business as we emerge from the pandemic.”