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The Economy Is in Record Decline, but Not for the Tech Giants

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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.

Amazon’s sales were up 40 percent from a year ago and its profit doubled. Facebook’s profit jumped 98 percent. Even though the pandemic shuttered many of its stores, Apple increased sales of all its products in every part of the world and posted $11.25 billion in profit. Advertising revenue dropped for Alphabet, the laggard of the bunch, but it still did better than Wall Street had expected.

“The strong continue to get stronger,” said Dan Ives, managing director of equity research at Wedbush Securities. “As many companies are falling by the wayside, the tech stalwarts continue to gain muscle and power in this environment.”

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Alphabet, Facebook, Apple and Amazon reported a combined $28 billion in profits on Thursday.Credit…Clockwise from left: Jason Henry for The New York Times, Victor J. Blue for The New York Times, Philip Cheung for The New York Times, Jim Wilson/The New York Times

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https://www.nytimes.com

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1 Comment (+add yours?)

  1. anjupen
    Sep 13, 2020 @ 15:09:34

    I am a regular customer of Amazon too

    Liked by 1 person

    Reply

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