Because COVID and election headlines dominate news cycles each day, sometimes important stories don’t get the attention they deserve.
After trading was completed on Wall Street Thursday, four tech behemoths released their earnings reports for the most recent fiscal quarter. The fab 5 of Amazon, Apple, Facebook, Google, and Microsoft (not included in Thursday night’s earnings reports) account for 46% of the Nasdaq 100, so when they release financial information the investment world listens.
In a nutshell, here’s how the latest quarter went for this Big 4.
Facebook posted revenue of $21.5 billion, which pleased investors along with the fact that it officially reached 3 billion monthly users across Facebook, Instagram, WhatsApp and Messenger.
Google’s parent company, Alphabet, had a huge quarter, with revenue at $46 billion, which translated into $11.2 billion in profits.
Amazon had a monster quarter, as sales increased 37% yearly to $66.1 billion and profits for Amazon improved by a staggering 200%. Those numbers do NOT include the success of Prime Day either. Remember, Amazon prints money in multiple ways, obviously, e-commerce, but the company also drives huge numbers in advertising and cloud computing.
Apple delivered numbers that beat expectations, even though its iPhone sales were soft. The company made it up in sales of AirPods and Apple Watch.
The attention for monster tech companies is not only coming from Wall Street, Washington, D.C. is also starting to shine a real light on them because of their market power.
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