The US tech shareholders were all smiles on Thursday after Amazon, Facebook, Google, and Apple declared their quarterly results. Surprisingly, they all jumped during the impending Covid-19 pandemic. The already high priced shares skyrocketed as soon as the news broke during the trading hours.
Interestingly, on the same day, the US announced the collapse of their economic growth by 32.9 per cent. Meanwhile, Amazon posted a sales of $88.9bn, profiting $5.2bn out of it. It was almost forty per cent higher compared to the same phase of last year. On the other hand, the cloud computing division of the company reported a massive revenue of $10.8bn following the consumers shifting to online shopping as the safe option.
Apple was not far behind, which declared $59.7bn as revenues for the quarter, eclipsing the predictions of Wall Street.
However, the parent company of Google, Alphabet wasn’t lucky in the lot. It saw a dip of 2 per cent in its revenues ($38bn). It is the first one in the history of the company. But it performed better than what analysts expected.
Facebook had a merry time. It stood the ground firmly over the hate speech controversy and advertising boycott in July 2020 and garnered 10 per cent gain in its revenue ($18.3bn) for the 2nd quarter. After the results, the company’s share soared by 8 per cent in the trading sessions later on.