SAN FRANCISCO (AP) — Big Tech companies reported mixed quarterly earnings on Thursday, a day after their top executives faced a tough congressional grilling over their market power and alleged monopolistic practices.
The staggering economic fallout caused by the coronavirus pandemic was reflected in reports released Thursday from Amazon, Facebook, Apple and Google’s corporate parent, Alphabet.READ MORE: Arrest Made In San Francisco Cliff House Burglary; Memorabilia Recovered
Apple delivered surprisingly strong numbers with both its revenue and profit rising, defying analysts’ lowered expectations. The iPhone maker’s revenue rose 11% to nearly $60 billion while profit rose 12% to $11.3 billion.
Alphabet, Google’s holding company, reported its first-ever drop in quarterly revenue compared to the prior year. Although it was only a 2% decline, it was a telling sign of a downturn in the digital ad market while also serving as a reminder that the economy is struggling even more than it did more than a decade ago during the Great Recession. Google’s low point during that time came during the second quarter of 2009 when its revenue edged up by just 3%. Alphabet’s profit for its most recent quarter plunged 30% to nearly $7 billion.READ MORE: Multiple Agencies Ramp Up Search For Rogue Coyote That Bit 5 Lamorinda Victims
Facebook, which also makes most of its money from digital ads, recorded an 11% increase in revenue from the prior year, the social networking company’s slowest growth since going public eight years ago. The company’s profit nearly doubled to roughly $6 billion from the same time last year. Part of the big jump stemmed from special charges last year.
Amazon was a pandemic winner, with people stuck t home relying on the company to shop online. It reported record quarterly profit, doubling to $5.2 billion from last year while its revenue soared 40% to $88.9 billion.MORE NEWS: Warriors Use Late Run To Pull Away From Pacers
© Copyright 2020 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.