Apple, Google, And Microsoft Report Massive Profits Amid Pandemic
Apple, Google, and Microsoft have reported record-breaking quarterly sales and profits as the US tech giants continue to benefit from the shifts in consumer spending habits caused by the coronavirus pandemic.
Apple saw $21.7 billion profit for the three-month period that ended in June, marking its best-ever fiscal third quarter. The company’s record-breaking performance was boosted by strong sales of the new iPhone 12.
Google’s parent company Alphabet has revealed second-quarter revenue of $61.8 billion and a profit exceeding $18.5 billion, a figure which stands at twice its profits for the same period last year. Google’s advertising revenues also rose 69% from last year.
Microsoft has also reported record-breaking revenues of over $46 billion for the quarter, a 21% rise compared to the same quarter last year.
As share prices have rocketed throughout the coronavirus pandemic, the collective market value of Apple, Google, Microsoft and social media giant Facebook, is now worth over a third of the entire S&P 500 index of America’s 500 largest traded companies.