Technology companies based in the U.S have continued to strengthen their hold on the economy amidst the pandemic. With most of the businesses struggling during the COVID crisis, tech giants like Amazon, Apple, Facebook, and Alphabet have made considerable profits from July to September.
Being able to show such great growth, these companies have become quite notable on Wall Street. Projections show that these companies will continue to generate huge revenues owing to the life changes introduced by the pandemic.
There are high hopes for these businesses, but their stocks are easily varied. Apple’s share fell by 4% whereas; Amazon and Facebook are behind by 1%.
One of the most renowned companies, Apple has been known to generate around $65 billion in revenue. The company added a few billion dollars more than due to COVID than what it was expecting under normal circumstances. Some analysts believe that the number might be bigger if Apple had released its latest model iPhone 12 sooner.
Moving to the busiest social media platform, Facebook has reported a revenue generation of $21.5 billion, which also exceeds the analyst’s predictions. The usage of Facebook was sky-high at the beginning of the pandemic; however, it has decreased with time.
The largest e-commerce website, Amazon has documented an inflow of $96 billion. Amazon’s profits have increased by an astounding 197 percent. Hence, you could say that it was a big year for Amazon.
Google’s parent company Alphabet has recorded revenue worth $46 billion for the quarter. This is a huge success from last year’s report. Google’s advertisement has also increased immensely during the pandemic adding to the revenue.
From a macro perspective, despite the turbulent economy, these tech giants are doing better than ever. This shows their significant stake in keeping the US stocks stable.