Home / World News / Tech giants defy economic downturns, report a combined profit of $28 bn

Tech giants defy economic downturns, report a combined profit of $28 bn

Though the tech industry's four biggest companies were stung by a slowdown in spending, they reported a combined profit of $28 billion

Premium

Amazon’s sales were up 40 per cent from a year ago and its profit doubled. Facebook’s profit jumped 98 per cent

Daisuke Wakabayashi, Karen Weise, Jack Nicas & Mike Isaac | NYT

7 min read Last Updated : Aug 01 2020 | 12:01 AM IST

A day after lawmakers grilled the chief executives of the biggest tech companies about their size and power, Amazon, Apple, Alphabet and Facebook reported surprisingly healthy quarterly financial results, defying one of the worst economic downturns on record.

Even though the companies felt some sting from the spending slowdown, they demonstrated, as critics have argued, that they are operating on a different playing field from the rest of the economy.

Amazon’s sales were up 40 per cent from a year ago and its profit doubled. Facebook’s profit jumped 98 per cent. Even though the pandemic shuttered many of its stores,

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in