People are locked down in their houses because of this pandemic, so they are doing almost everything online. So these tech giants are making huge money out of it.
People are upgrading their devices, preferring cloud storage and exploring more services they were not using or aware of before. They are relying on new services and devices due to the situation as well as the technological change.
Big techies like Google, Microsoft, Apple made a record-breaking quarterly profit during this lockdown.
In just three months from 30th June, Apple’s profits nearly doubled to $21.7bn as customers are switching from 4G to 5G iPhones. During the lockdown, there was a surge in sales of the iPhone 12 and the services provided by Apple.
Microsoft saw a hike of 21% in its profit comparing the same quarter last year, resulting in a revenue of over $46bn in the quarter. Microsoft cloud services and games were in demand during the lockdown.
Alphabet, the parent company of Google, managed to generate a revenue of $61.8bn. It made a profit of over $18.5bn. It was due to an increase in online advertisements targeting customers stuck in lockdown.
Youtube also saw a jump in revenue of $7bn in three months.
All these came after Tesla reported a record-breaking profit on Monday in one of the busiest weeks US quarterly earning results.
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