Big Tech companies have supposedly mixed quarterly earnings, one day after their top executives went through a rough congressional inquisition due to their market power and claimed monopolistic practices.
The huge economic fallout happened due to COVID-19, which was shown in the reports from Amazon, Facebook, Apple and Alphabet Inc.
Apple has unexpectedly received strong numbers with a boost in its revenue and profit, challenging analysts’ expectations. The company’s revenue had risen 11% to about $60 billion while profit had risen 12% to $11.3 billion.
Alphabet had reported its first quarterly revenue when compared to the previous year. Even though it saw a 2% decline, it was a sign of the downturn in the digital ad market and also served as a reminder about how much the economy is struggling.
The company had gone through its low point at the time of its second quarter of 2009 when its revenue had slightly risen by 3%. Its parent company Alphabets’ profit for the recent quarter lowered 30% to about $7 billion.
Facebook saw an 11% boost in digital ads revenue for the previous year, which was the company’s which was the slowest increase it has seen in eight years. Its profit almost doubled $6 billion from the previous year.
Amazon is a crowd winner as remote working has made people depend on the company’s online store. It reported a quarterly profit of $5.2 billion which is double from the previous year as its revenue boosted 40% to $88.9 billion.