Big tech breaks the bank
Google, Apple and Microsoft have all posted record-smashing profits for the April to June quarter as the pandemic continues to boost sales. Apple made a record-setting US$21.7 billion profit for the 3 months off the back of its iPhone 12 and services business, while Google’s parent company Alphabet posted a profit of $18.5 billion. It has a 69% jump in online advertising revenue to thank for a doubling of its quarterly profit compared to the same period last year. Microsoft booked $15.5 billion in profit for the quarter after raking in $46 billion in revenue – a record for the company. Economist Thomas Philippon said big tech have been the winners of the pandemic as businesses and individuals adapt to working digitally. “They were already on the rise and had been for the best part of a decade, and the pandemic was unique,” he said. “For them, it was a perfect positive storm.”
Image source: Getty
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