Big Tech Earnings Surge During Pandemic While Economy Slumps
- Apple, Amazon, Google, Facebook take in $206 billion in sales
- Combined profit of almost $30 billion puts sector in spotlight
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The largest U.S. technology companies are thriving in a pandemic that has increased dependence on their products and services, while hammering much of the rest of the economy.
Quarterly results from Apple Inc., Amazon.com Inc., Facebook Inc. and Alphabet Inc. on Thursday show the industry is capitalizing on the crisis as locked-down consumers use tech gadgets and the internet for entertainment, social connection, shopping, learning and work.
Together, the four companies reported revenue of $206 billion and net income of $29 billion in the three months ending in late June.