The energy company posted a £1.3 billion profit in the first six months of the year, up from £262 million during the same period last year. The record surge has been fueled by higher revenues from its oil, gas, and nuclear assets.
On Thursday, British Gas said it expects a further surge in profits this year amid rising energy prices, which has seen the company reinstate its dividend payout. Shareholders are receiving a dividend of 1p per share at a time when many households are struggling to pay record-high energy bills.
Since the outbreak of the Ukraine war at the end of February, gas prices have reached their highest level, with worse yet to come for consumers. In January, it is understood that the UK’s energy price cap could reach £3,850 per year.
In response to Centrica’s results, CEO Chris O'Shea commented, "We are very aware of the difficult environment many customers are facing and we will continue supporting them.”
Barclays reported a pre-tax profit of £3.7 billion in the first six months of 2022, down from £4.9 billion a year ago. Analysts had predicted the bank to report a Q2 pre-tax profit of £3.9 billion.
Barclays’ most recent results were tainted by a £1.3 billion charge in the half to meet the costs of buying back the $17.6 billion worth of securities that it sold in breach of US regulations.
The bank previously admitted to selling more products to US investors than it was permitted to, which triggered an approximate loss of £450 million.
Since Russia’s invasion of Ukraine, some of the structured goods have increased in popularity, attracting further regulatory scrutiny for Barclays over the error.
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The last time inflation was this high – in the early 1980s – Margaret Thatcher had been prime minister for two years. Channel 4 had just launched, and if you were aware of inflation at all, it was probably because the Wham! cassette you wanted to buy at HMV was a pound more than you expected.
Since then, inflation has rarely exceeded 4%. Generations of British and European finance professionals have spent whole careers making forecasts – where inputs and outputs were relatively stable most of the time. But that’s over now. Today, with Sterling and Euro zones’ inflation already running above 7.5% and no cooling in sight, monetary stability seems to be something else we lost during the pandemic – and adapting to this new reality is now a concern for chief financial officers (CFOs) and finance transformation leaders.
What should you keep in mind?
This is a crisis with your name on it
The 2020s aren’t the 1970s reloaded. For CFOs and other finance leaders, managing this round of inflationary times is likely to be even more challenging.
The reason is that today’s CFOs have a broader mandate to help shape corporate strategy, supply chain resilience, pricing and procurement, as well as maintain a keen interest in the level of staff attrition in the business. As a finance leader, you may well be positioned to understand what is happening, but have you considered how finance should partner differently with the rest of the business?
Inflation is a five-alarm fire
Inflation will affect your firm, your employees, and your shareholders – but not everybody will be attuned to the dangers, and many may be underestimating the toxic effect of stagflation (i.e., inflation without growth). Your first job will be to convince everyone that mitigating its impact is a high priority. Unless your financial modelling capabilities are ready to simulate the limit of passing on any price increase to customers and contain input price hikes, inflation may not just hurt margins for a quarter or two, it may hurt your company’s profits and prospects longer term. Whether the challenge is procurement, outsourcing, pricing or hiring, you need a finance transformation and continuous improvement strategy, and that strategy should be executed based on proven best practices.
Prices and costs are moving targets
The costs of labour, materials, transportation, energy and other expenses are all increasing, but not necessarily at the same rate. To handle inflation, you will need a deep sense of the moving parts of your cost structure – particularly if a period of stagflation ensues and the growth slowdown limits your ability to raise prices. Enterprise-wide, too, it’s important to remember that inflation affects different businesses differently. Organisations in the hospitality business may be very concerned with foreign exchange risk, while industrial manufacturing organisations will likely be worrying more about the cost of raw materials and logistics. It goes without saying, of course, that working capital management will need even more emphasis. If you need to cut costs, do it intelligently. Benchmark your costs to look for opportunities and take another look at the benefits of digital transformation, which many companies today are finding to be a highly effective way to scale capabilities while reducing expenses.
The most valuable people in your team may be revising their CVs
In a very real way, inflation is a pay cut for your staff. If you don’t make it worth their while to stay, your best employees will leave. Keep this in mind as you draw up your own hiring and retention plan. Replacing finance professionals will be expensive, particularly because for many firms, proactive inflation management will require hiring more analysts. The shortage may turn out to be quite serious: we know of one company that is expanding its planning and analysis team by 40% and doubling its indirect sourcing and procurement staff so it can handle the added workload generated by additional price and cost modelling and more frequent contract reviews.
Refocusing the services of the finance business partners becomes paramount
Unfortunately, for many finance organisations, the activities of the finance business partners supporting management decisions may still be consumed by the wrong types of activities and priorities. High-performing organisations are instead revisiting the role that finance should play to help adapt the enterprise to this new reality, focusing on important questions: What is the breaking point where price increases begin to adversely impact demand across your products, services and channels? How much inventory are you willing to carry as warehousing costs increase? What is your exposure to rising interest rate differentials? How do you balance working capital management with the need to satisfy customer demands? What is your optimum cash position to take advantage of discount opportunities? What is your supplier credit risk? Do you understand the working capital drag created by the increasing cost of capital on our overall profitability?
The increasingly strategic role that the finance function plays in high-performing companies over the last decade gives legitimacy to the evolving role of finance. For instance, we foresee an enduring role for finance professionals in educating and coaching other leaders in navigating this challenging environment. This role will be supported by the unmatched analytic insight – an understanding of how the company’s value chain fits together, including research and development, commercial operations, and other enabling functions. As challenging as the rest of the 2020s may be for the prepared finance executive, they are also likely to be years of extraordinary opportunity.
About the author: Gilles Bonelli is an Associate Principal at The Hackett Group’s Finance, Enterprise Performance and Business Intelligence Advisory Practice in Europe.
Shell announced the record first-quarter profits on Thursday, saying it had seen “strong results in volatile times.” The results come at a time when calls for a windfall tax in the UK are getting increasingly louder amid the cost of living crisis which is pushing many families to breaking point.
The energy sector has been reaping the benefits of soaring energy prices in recent months, pushed up further again by the Russia-Ukraine War and rocketing demand as economies begin to recover from the Covid-19 pandemic.
“The war in Ukraine is first and foremost a human tragedy, but it has also caused significant disruption to global energy markets and has shown that secure, reliable and affordable energy simply cannot be taken for granted,” said Shell CEO Ben van Beurden.
“The impacts of this uncertainty and the higher cost that comes with it are being felt far and wide. We have been engaging with governments, our customers and suppliers to work through the challenging implications and provide support and solutions where we can.”
This sounds great in theory, but how can you make sure that your company is implementing sales enablement successfully? In this guide, we will answer all of your questions about sales enablement and show you how it can benefit your business. We will discuss what goes into a successful sales enablement strategy, and offer tips for getting started. So let’s get started!
What Is Sales Enablement?
Simply put, sales enablement is the process of equipping and training sales reps to sell more products. It involves everything from providing the sales reps with the right information and tools to marketing materials that help them sell. In short, the role of sales enablement is to help your sales teams stay on top of their game and sell more effectively. By ensuring that everyone in the sales team is on the same page and working towards the same goal, you can close more deals and increase your company’s revenue. Depending on the size and needs of your company, sales enablement can be a stand-alone department or it can be integrated into other departments such as marketing or customer success.
The Benefits Of Sales Enablement
There are many benefits to implementing a sales enablement strategy. Perhaps the most obvious benefit is that it can help your company sell more products. But sales enablement does more than just boost sales numbers. It can also improve the efficiency of your sales team, increase customer satisfaction, and reduce turnover. Some specific benefits of sales enablement include:
1. Improved Sales Performance
When done correctly, sales enablement can help your company close more deals and increase revenue. One study found that companies with mature sales enablement practices experienced an 18% increase in deal sizes and a 20% increase in win rates. Also, if you give your sales reps the right tools and information, they will be able to sell more effectively and efficiently. This means that they can spend less time looking for information and more time selling.
2. Increased Efficiency
Sales enablement can help your sales team work more efficiently by providing them with the tools and information they need to do their job. For instance, having a centralised system for storing product information can save sales reps from having to search for information in different places. This can free up time that would otherwise be spent searching for data or materials.
3. Improved Customer Satisfaction
Sales enablement can also lead to improved customer satisfaction. When sales reps are better equipped to sell, they are more likely to make accurate promises that they can keep. Additionally, if your sales reps have access to the right information, they will be better equipped to answer customer questions and resolve any issues. This can lead to happier customers who are more likely to stick around long-term.
4. Reduced Turnover
Finally, sales enablement can help reduce turnover by making sure that new hires are properly trained and equipped to do their job. Instead of struggling to learn the ropes on their own, new hires can get up to speed quickly and more easily integrate into the team. This can save your company money in the long run by reducing the need to constantly train new employees.
Creating A Successful Sales Enablement Strategy
The first step is to define your goals for sales enablement. What do you hope to achieve? Do you want to increase sales, improve customer satisfaction, or reduce turnover? Once you have a clear idea of your goals, you can begin to create a plan for achieving them. You will need to gather data that can help inform your sales enablement strategy. This includes things like customer feedback surveys, sales metrics, and other relevant data points.
Once you’ve gathered your data, the next step is to analyse it to identify areas where you can improve. For example, if customers consistently report low levels of satisfaction with your product or service, this may be a sign that your sales reps are not properly equipped to sell effectively. You can make changes and implement the new strategies you develop based on your data analysis. The final step is to put your sales enablement plan into action by training your sales team, creating relevant content, and ensuring that all of the necessary tools are in place.
If you are looking for a way to improve your company’s sales and marketing efforts, then sales enablement may be the solution you need. By providing your sales team with the tools and information they need to sell more effectively, you can improve sales performance, increase efficiency, and boost customer satisfaction. So start Implementing a sales enablement strategy today and see the benefits for yourself!
BP saw an underlying profit of $4.1 billion in the final quarter of 2021. While in 2020 the oil giant saw a loss of $5.7 billion, in 2021, BP made a profit of $12.8 billion overall as global energy prices rocketed.
Announcing the company’s latest results, BP chief executive Bernard Looney said, “2021 shows BP doing what we said we would — performing while transforming. We've strengthened the balance sheet and grown returns. And we're investing for the future. We've made strong progress in our transformation to an integrated energy company.”
However, the news of BP’s bumper profits will likely prompt a renewed wave of pressure for a windfall tax on fossil fuel companies to fund extra support for households who have been heavily impacted by the steep rise in energy bills. The UK Labour party has said it is “only fair and right” that energy firms making higher profits should pay higher rates of tax.
Last week, rival oil giant Shell reported bumper profits of $19 billion on the same day that Ofgem announced UK households could expect a 54% increase in their domestic energy bills from April.
Cryptocurrency is becoming popular every day as the world is adjusting to accommodate it. Therefore, more traders are looking for platforms where they can buy and sell Bitcoin and other digital currencies to make profits. In this case, Bitcoin Motion is one of those websites where traders can buy and sell Bitcoin.
Is Cryptocurrency Trading Profitable?
Cryptocurrency trading is highly profitable because of the high volatility of digital currencies. In this case, with Bitcoin Motion, trades are made by buying and selling Bitcoin, which has high volatility. Therefore, you can easily make profits through cryptocurrency trading.
Moreover, there are short-term speculative interests that make the trading so exciting. The prices can increase rapidly and consistently when the market push and pull factors interact. In such circumstances, cryptocurrency traders get massive profits.
However, it would be best to remember that these investments are also risky. After all, you can also make significant losses if you do not keep track of the changes in the market. Therefore, it is good to invest wisely if you want to get profits comfortably.
What Is Bitcoin Motion?
Bitcoin Motion is a platform with tools and automated features that allow cryptocurrency traders to transact safely. This platform has market data and tech indicators integrated into the system to give traders trading solutions when buying and selling digital currencies.
This platform was founded by a group of cryptocurrency professionals who hold a firm belief that digital currency is the future. They aim to make cryptocurrency trade easy for all traders to encourage more traders to join this platform and trade.
How Bitcoin Motion Works
Once the website is launched, every trader will be free to trade efficiently and seamlessly through the website. To start, you only need to register by providing your personal details to create your account. Then, you can deposit as low as $250 using the various supported means of payment.
The registration process is fast because you only need to provide your name, email address, and phone number. Then, you will easily be logged in to your account. After registration, you can buy and sell Bitcoin to other traders on the platform. Aside from this, you can enjoy the platform’s numerous benefits, such as its 24/7 support, and you will be dealing with trustworthy brokers.
Moreover, here, you will join a community of cryptocurrency traders who are determined to make profits. Since the platform is built on freedom and trust, traders of all walks of life can register.
Can I Make Money On Bitcoin Motion Website?
Many people think that you can only succeed in the cryptocurrency trading industry if you are an experienced trader. However, this is not true because even beginners can learn from the information posted on the site, as well as other reputable sources, and make huge profits after trading. Therefore, you can make money if you trade the right way and be aware of the changing market trends. However, because of the high volatility of the cryptocurrency markets, you need to be aware of any market changes that would affect the price and value of Bitcoin and other digital currencies.
Is Digital Currency The Future?
Cryptocurrency has been widely misunderstood for years, with many people calling it a scam. Moreover, some people claimed that it is a gamble and a scheme by online fraudsters to get money from unsuspecting Internet users. Unfortunately, these unfounded claims have made some people retract for fear of being scammed.
However, governments and central banks have failed to ensure equal access and security of financial services to the citizens. Therefore, people are slowly resorting to the electronic payment system whose security is guaranteed by cryptography.
The launch of Bitcoin Motion’s website can help affirm that cryptocurrency trading is here to stay. Today, many people are embracing digital currency because it has proved to be legitimate and trustworthy. Therefore, cryptocurrency is the future. So, it’s best to embrace it now and keep up with the changing times.
Conclusion
Bill Gates once said that digital currency is the future of money. This statement can be considered accurate because digital currency is steadily becoming popular. Therefore, the launch of the Bitcoin Motion website is a big step towards the actualisation of the cryptocurrency trade for all traders.
Hospitality venues in the UK have not yet been forced to reintroduce measures such as social distancing or mandatory mask-wearing, but industry leaders have warned that the “Plan B” measures are already causing damage to the sector.
Trade body UKHospitality predicts that takings will be down by as much as 40% for the festive period, which is usually the sector’s busiest and most profitable time of the year.
Data from UKHospitality for Monday to Sunday of last week showed a 13% decrease in trade and a 15% increase in cancellations, compared with pre-pandemic levels. Central London saw takings drop by 40% amid the new “Plan B” measures and a 25% jump in Christmas bookings being cancelled.
“The government’s official advice since the arrival of Omicron and the introduction of plan B has been very clear: go ahead with Christmas and new year parties as long as you are not showing any symptoms of Covid,” the head of UKHospitality, Kate Nicholls, said.
“Hospitality operators have invested heavily to ensure the safety of staff and customers, focusing on better ventilation, hygiene and sanitation … As a result, pubs, bars, restaurants, hotels and nightclubs are safer places in which to socialise with family and friends than at home this Christmas.”
Some of the most successful businesses have come about because the founder was trying to solve a problem that they had experienced, often just for their own benefit. There is nothing wrong with setting up a money-making project as a hobby, and no need for a hobby to necessarily turn into a full-fledged business. But it is worth understanding your own motivations and being clear with yourself about what you want to achieve.
What is the difference between a hobby and a business?
There are no hard and fast rules that distinguish between a hobby and a business. For me, it is a state of mind – what are you trying to achieve? Is this a project to fill time, or are you single-minded in your desire to set up a successful business? It’s an important point as businesses take time and devotion. Many businesses fail because their founders aren’t prepared to make the sacrifices necessary to make the business a success.
What business structure should I use?
There are a large number of potential legal structures available for people setting up a profit-making enterprise. However, in most cases, only two are relevant: sole trader and limited company.
A sole trader is when an individual begins to trade in their own name. For example, I decided to set up a coffee shop, and call it “Beans Coffee”: the business would be “Michael Buckworth trading as Beans Coffee”. Setting up as a sole trader is a quick and easy way to get up and running: all you have to do is notify HMRC that you are now self-employed. You can find out how to do that here.
Limited companies are separate legal persons meaning that they exist separately from their owners. They can enter contracts, borrow money, and are liable to pay tax on their profits. You can register a company easily by filling in an online form and paying £12. One of the most important differences between a sole trader and a limited company is that a limited company has limited liability whereas a sole trader doesn’t. With a sole trader, if something goes wrong, you are personally liable for all the debts of the business, whereas (in most cases) if a limited company can’t pay its debts, it goes bust, but the assets of its owners and directors are protected.
Which one to choose? As a rule of thumb, it is fine to operate a (low risk) hobby via a sole trader. However, if you are planning to grow and scale a business, I would suggest incorporating a company from the get-go. There is one footnote to this advice: once you incorporate a limited company you have to make an annual filing with Companies House and file accounts each year, so there is a cost associated with it. It isn’t a problem if your business is going to grow and scale, but it could be an unwelcome cost if you don’t intend to generate more than modest amounts of revenue.
Are any profits I make on a hobby tax-free?
There are two certainties in life: death and taxes. However, there is a small allowance for people making modest amounts of money from hobbies and side hustles. If you have earned less than £1,000 from your hobby (and any other side hustles you may have in play) during a tax year, you don’t need to declare that to HMRC as income. However, any more than that must be declared, and you have an obligation to keep track of your earnings to make sure that you don’t exceed the limit.
Do I need to worry about contracts and insurance for my hobby?
In my view, any business should have in place contracts with its customers as soon as it starts to trade. Contracts are hugely important as they limit your liability if something goes wrong and protect your revenue stream (as well as providing protection in a number of other important areas as described in detail in my book, Built on Rock, an entrepreneur’s legal guide to start-up success.) Most businesses will also want to have in place insurance to provide protection if something goes wrong.
Whether you need insurance for your hobby depends on what you are doing, and the likelihood of you becoming liable if something goes wrong. Imagine you sell face creams online: you would want insurance in case a customer suffered an allergic reaction to your cream and sued you for personal injury. By contrast, if you are selling birthday cards online: you probably don’t need to bother with insurance as the risks are minimal and can be covered off in a simple customer contract. The key questions for you to consider are “what can go wrong?” and “what is my likely exposure if something does go wrong?”
What happens if I change my mind and want to flip my hobby into a business idea?
If your hobby really takes off and you realise that this is something that could make a viable business, congratulations! It probably makes sense to flip the business into a limited company sooner rather than later. Why? Firstly you can’t raise investment from third party investors as a sole trader – you need a limited company to do that so that you can issue them with shares. Secondly, you probably want the protection of limited liability if you are going to try to scale up your idea: the more customers you sell to, the greater the risk. Thirdly you want to make sure that the intellectual property rights in your business idea (the intangible stuff that you create as you develop your business such as your logo, the design of your product and the source code in any software you create) are created in and belong to your company, as this optimises the chances that you will later be able to qualify for a bunch of tax reliefs for start-ups.
I have no business experience: can I really set up a business?
Over the years, as founder of Buckworths, I have spoken to many would-be entrepreneurs who worry that they don’t have any business experience, or the skills to be able to run a business. The good news is that it generally doesn’t matter. You can figure out the answers to most problems through research and by speaking to people who have already figured it out. It doesn’t matter if you are a student, a stay-at-home mum, a retiree or a person working a 9 to 5 job. You have a uniquely personal experience that has led you to come up with your idea; you have a set of skills that can be harnessed to get your idea off the ground, and you have as good a chance as anyone else of making a success of it. Grab the bull by the horns, launch yourself onto its back and enjoy the ride.
Finance professionals determine if a business endeavour is sustainable and how it will generate money to stay afloat. It is critical to have great administration in such a crucial sector. That is why it is critical to understand what Leading Safe Training is good before its functions.
Finance Management: An Overview
Finance is an essential and crucial component of every business. Without adequate financing, profit-making or other organisations will struggle to survive for extended periods of time. Besides this, effective management of these economic resources is necessary for long-term sustainability and viability.
Financial management aids businesses in achieving this goal. This phrase refers to an organisation's financial operations and procedures being planned, organised, directed, and controlled in an effective and efficient manner. Apart from numerous other responsibilities, this covers fund acquisition, financial resource allocation, and fund use.
That now we know what money planning is, we must comprehend the significance of this role in any business. There are several online finance courses that emphasise the necessity of financial management in the corporate world.
What Is The Importance Of Finance Management For Businesses?
- Financial Management Aids in the Success of Businesses
Another issue that emerges from poor financial management is poor planning and the failure to capitalise on chances to increase earnings. Without a doubt, poor financial management will result in business failure. Without the help of professionals in this field, business owners may overestimate income and budget for additional costs. They will be taken off guard and will be unsure of what to do.
- Follow the rules and keep track of your taxes.
Financial management duties include assisting businesses in maintaining their accounts and reducing their tax burden. It is critical for all businesses to have accurate records. This will not only make it easier to comply with rules, but will also simplify tax computations. Finance departments can also assist in determining what taxes must be paid. They can also assist in the search for lawful solutions to minimise a company's tax burden.
- Improve Your Financial Access
Money is required by all businesses in order to operate and expand. They'll have to hunt for this precious item from a variety of places. Finance managers assist in the identification of cost-effective suppliers. They will also be able to advise company owners on the best ways to generate cash for their businesses. These professionals will also draught business plans in order to persuade financiers to fund the company.
- Cost-cutting in the workplace
Every business spends money on day-to-day activities. Some fixed costs must be met by businesses. Cost-cutting will be aided by sound financial management. One of their tasks is budgeting, which helps them plan and save costs. It is feasible to avoid needless bank charges by spending within available finances. Surpluses can be intelligently invested to earn additional money if costs are kept under control.
Money is the yardstick by which a company's performance is measured. They are believed to be more effective when they make more money. To enhance earnings, however, careful financial control would be required. These specialists are also needed by businesses to calculate how much profit they have made and compare it to prior years. Financial analysts also look at a company's performance in comparison to its competitors. This type of information inspires everyone in a company to work harder.
Finance executives utilise analytics to determine which parts of a company are profitable. They can provide financial data on how various departments in a business are functioning. Financial management also includes determining which items provide more earnings. They are capable of processing this data for any commercial activity. This type of analysis will aid in the improvement of weak regions and the support of profitable operations to assist them to operate better.
- Company's Marketing Optimisation
Marketing is an important activity for any business since it contributes to income generation. It is, nevertheless, a department that spends a significant amount of money. As a result, it's essential to know how much money each campaign generates. If an advertising campaign isn't generating enough revenue, it needs to be tweaked or temporarily halted. Finance managers give precise information on marketing campaign results.
- Concentrate on Potential Growth Areas
To develop, all businesses must diversify their operations. However, there must be specific knowledge regarding where it is most advantageous to invest in order to increase earnings. Finance departments can assist in identifying places where investing money can pay off handsomely. It's likely that purchasing new gear will aid in increasing output and meeting new market needs. Financial management plays an important part in a company.
Despite the rapid automation of various business processes, machines will never be able to completely replace humans. People are also required to programme and operate devices. This is why a company's human staff is so important. However, hiring more personnel will require higher costs. Financial management aids in determining the most lucrative roles to fill. It will also allow businesses to pay more to deserving staff.
- Risks Can Be Predicted And Avoided
Finance departments are responsible for anticipating future occurrences using analytics. It is beneficial to be aware of potential hazards in the future. Assessing actual outcomes to projected statistics can also reveal whether there are any issues that need to be addressed. Companies can be aware of financial downturns and take precautions to mitigate them. Finance managers also continue to research markets in order to identify elements that may have an impact on a company's position.
Conclusion
Non-finance degree courses are in short supply in the industry for performing specific tasks such as science and math for credit derivatives, derivatives, and quantitative trying to trade, among other things. Obtaining a job in the financial industry, even so, is likely to be difficult for the vast majority of non-finance degree holders. This is due to the fact that following the global recession of 2008, banks and financial organisations cut thousands of jobs. You may enhance your chances of starting a successful career in finance by combining the above recommendations with a digital financial management online certificate.
Exceeding analysts’ expectations, Barclays has posted a quarterly attributable profit of £2.1 billion, up from £90 million for the second quarter of 2020. According to Refinitiv data, analysts had predicted a net reported income of £1.7 billion for the three months up to the end of June. Investment banking fees were up 27%, whilst equities were up 38%.
The bank has also announced that it will be increasing capital distributions to shareholders. Shareholders will receive a half-year dividend of 2 pence per share and an additional buyback of up to £500 million. Barclays shares are up by approximately 15% year-to-date. However, they were as much as 31% higher at the end of April 2021.
As detailed in its first-quarter earnings report, Barclays has also seen a substantial reduction in credit loss provisions and successfully released almost £800 million from its credit impairment provisions instead of the £1.6 billion charge incurred for the same period of 2020.
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.
