Monday, November 23

Big Tech defeats pandemic with records in third quarter


Thursday, 29 October 2020 – 22:52

Amazon, Facebook, Apple, and Google beat Wall Street analysts’ expectations

Icons for Google, Amazon, Facebook and Apple apps.

Icons for Google, Amazon, Facebook and Apple apps.
AFP

  • Business.

    Big Tech is even bigger in the COVID crisis

He Big Tech de Silicon Valley it is still immune to the coronavirus. Amazon, Facebook, Apple y Google presented numbers higher than expected by the analysts of Wall Street, showing, once again, its dominant position worldwide and its undeniable power in the midst of one of the greatest economic crises that the United States has suffered. All of them improved their results compared to 2019, although the reaction in the after-hours market was mixed. Only Google saw its titles skyrocket 7.8%.

Apple was hit the hardest with a decline of nearly 5% after the shutdown despite its excellent results. The profits of the last quarter of the fiscal year reflected an increase of 3.7%, reaching 57,411 million dollars compared to 55,256 million last year. He also boasted of a record of income for a third quarter with 64,700 million, slightly above analysts’ forecasts. 59% of its sales came from outside the United States.

However, two variables failed him. One, the sales of iPhones, its flagship product, 16% below the 2019 figures, and two, the absence of data on its expectations for the next quarter where analysts were waiting for clues about the performance of the iPhone 12, the new product that the company Tim Cook I presented on October 4.

Amazon, for its part, boasted of muscle once again with a 37% increase in its sales to $ 96.1 billion, favored by the growth of e-commerce during pandemic months. It also hopes to break its own record during the Christmas season with sales of between 112 and 121 million, which will translate into growth of between 28% and 38%.

Its net profit tripled compared to the same time last year, from 2,100 million dollars in the third quarter of 2019 to 6,300 in its last report. Jeff Bezos, the CEO and founder of the Seattle-based giant, took the opportunity to encourage other companies to take the step of raising workers’ minimum wage to $ 15 an hour.

“Two years ago, we raised Amazon’s minimum wage for all full-time, part-time, temporary, and seasonal employees in the US. And we challenged other large employers to do the same. Best Buy y Target They have already taken the plunge, and we expect other large employers to make the jump to $ 15 as well. Now would be a great time, “said the richest man in the world.

Google had a third quarter of ad revenue growth after a disappointing second quarter. The Internet search giant generated $ 37.095 million from $ 33.796 a year earlier after reporting its first ever decline in that chapter in July this year. Total revenue amounted to $ 46.17 billion.

Facebook, direct competition from Google, better its results with a 22% increase in your advertising revenue to 21,221 million dollars, with a net profit of 7,846 million dollars or 29% more than at this point last year.

Despite the many criticisms leveled at the social network for its inability to intercept political lies during the pandemic and the electoral campaign, its number of daily active users increased by 12% to 1,820 million people. That is, 23% of the world’s population uses Facebook every day 16 years after its launch.

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