Pro fit dyer4/18/2023 Revenues rose 11% to hit US$18.69 billion. That was a new quarterly record for earnings as sales surged 40% in the quarter.Īmazon reported sales of US$88.9 billion - up from US$63.4 billion from the same quarter in 2019 - and well ahead of Amazon’s prediction of US$75 billion to US$81 billion.įacebook’s performance was even more stunning in a way, given it has been subject to a much-publicised advertiser boycott. It reported second-quarter profit of US$5.2 billion, nearly doubling the June, 2019 figure. Its market value already exceeds Australia’s annual GDP.Īmazon’s results were just as stunning, perhaps more, as it incurred hundreds of billions of dollars in extra costs in the March and June quarters on extra staff, services and new infrastructure in the face of the COVID-19 pandemic and other changes. Apple is now valued over US$1.7 trillion and on the way to US$2 trillion. In fact, Apple’s shares jumped more than 5% to a new record on news of better-than-expected earnings, but also a four-for-one stock split next month that will make its shares (currently over US$400 each) more accessible. No such retreat for the big tech companies, even though Apple stores, one of its main selling channels, were closed in many markets during the quarter. The quarterly results show that the companies (alongside Microsoft) are seemingly impervious to economic reality, government persuasion or regulation, and free of those pesky shareholders - especially big name hedge funds and activists.īy way of contrast, America’s second largest carmaker Ford reported a 50% slump in quarterly sales to just over US$19 billion as buyers retreated in the face of COVID-19. The results come a day after US Congress grilled each company’s CEO, and amid Australia’s attempts to rein in the power of Google and Facebook. The four companies appeared largely immune to the rapid economic slowdown in the United States and other countries, prospering amid the COVID-19 doom. Tech giants Apple, Amazon, Alphabet (Google) and Facebook have stunned Wall Street by managing to boost June quarter revenues to a record US$200 billion (roughly A$280 billion) and profits to a combined record of almost US$29 billion (A$40 billion).
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