Google, Apple and Microsoft reported record-breaking quarterly sales and profits on Tuesday night as the firms continue to benefit from a pandemic that has created a “perfect positive storm” for big tech.
Apple made a $21.7bn (£15.6bn) profit for the three-month period that ended in June, its best fiscal third quarter in its 45-year history, boosted by strong sales of the iPhone 12 and growth in its services business.
Alphabet, Google’s parent company, reported second-quarter revenue of $61.8bn (£44.5bn), a 62% increase on the same period a year earlier, and a profit of over $18.5bn (£13.3bn), more than twice its profits for the same period last year. The company’s advertising revenues rose 69% from last year.
Microsoft, too, beat expectations, reporting revenues of over $46bn (£33bn) for the quarter – a rise of 21% compared to the same quarter last year.
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3 tech giants report combined profits of more than $50B
Three tech companies — Apple, Microsoft and Google owner Alphabet — reported combined profits of more than $50 billion in the April-June quarter, underscoring their unparalleled influence and success at reshaping the way we live.
Although these companies make their money in different ways, the results served as another reminder of the clout they wield and why government regulators are growing increasingly concerned about whether they have become too powerful.
Google and Apple warn delta variant could prove disruptive
Apple and Google reported soaring earnings Tuesday, delighting Wall Street. But the good financial news was tempered by the surging delta variant of the coronavirus, which is spreading around the globe, threatening to prolong the ripple effects of the pandemic.
“As the last 18 months have demonstrated many times before, progress made is not progress guaranteed. An uneven recovery to the pandemic and the delta variant surging in many countries around the world have shown us once again that the road to recovery will be a winding one,” Apple CEO Tim Cook said on a conference call Tuesday with analysts.
Google’s profits soar as revenue rises 62 percent.
Alphabet initially was seen as vulnerable to the pandemic, but has come out of it stronger.
Microsoft had its most profitable quarter.
Profits rose 47 percent to $16.5 billion, surpassing expectations.
Apple’s profits nearly doubled in the latest quarter.
The pandemic has been a windfall for Apple and its peers, as people buy even more gadgets to work, study and socialize.