The coronavirus crisis might be causing widespread economic upheaval around the world, but the world’s biggest tech firms are thriving.
Amazon sales soared 40% in the three months ending June, while Apple saw a surge in purchases of its iPhones and other hardware.
At Facebook, the number of people on its platforms, which include WhatsApp and Instagram, jumped by 15%.
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The coronavirus has only made Big Tech more dominant
One day after the CEOs of Amazon, Facebook, Apple and Google were grilled by Congress about whether their companies are too powerful, the businesses posted earnings results that showed they are only getting more dominant amid the pandemic.
Facebook said Thursday that it had more than 3 billion monthly active users in the June quarter across its apps, including Instagram and WhatsApp. The company said that number reflected “increased engagement as people around the world sheltered in place.”
The Economy Is in Record Decline, but Not for the Tech Giants
Even though the tech industry’s four biggest companies were stung by a slowdown in spending, they reported a combined $28 billion in profits on Thursday.
A day after lawmakers grilled the chief executives of the biggest tech companies about their size and power, Amazon, Apple, Alphabet and Facebook reported surprisingly healthy quarterly financial results, defying one of the worst economic downturns on record.
Even though the companies felt some sting from the spending slowdown, they demonstrated, as critics have argued, that they are operating on a different playing field from the rest of the economy.
Big Tech is worth even more the day after congressional grilling
The four chief executives of Apple, Amazon, Facebook and Google just faced a five-hour deluge of probing and pointed questions from a Congress accusing the companies of various anticompetitive behaviors.
A day later, all four companies were worth even more.
The tech giants’ stock prices rose on Thursday as they reported strong financial results after the market closed. It shows, again, just how bulletproof the companies have become as investors bet on their long-term success, even amid a global pandemic, an economic decline and antitrust probes.