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Entertainment Amazon, Apple, Google, Facebook: How the 4 tech giants defy the corona crisis with profits of billions

09:15  30 october  2020
09:15  30 october  2020 Source:   businessinsider.de

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Related Link: How The 2020 Presidential Election Could Impact Health Care StocksUPS Issues Apple said revenue and profits for the fiscal fourth quarter ended on Sept. 26 was .7 billion and The Google parent company generated revenues of .2 billion and per-share profit of .40 off

Alphabet, Facebook , Apple and Amazon reported a combined billion in profits on Thursday.Credit Clockwise from left: Jason Henry for The New York Times, Victor J. Blue for The New York Times, Philip Cheung for The New York Times, Jim Wilson/The New York Times.

The big tech companies are benefiting from the changed behavior of users and advertisers in the corona pandemic. The trend towards online shopping brought Amazon a record profit in the past quarter. In its advertising business, Facebook is benefiting from the fact that more small companies are going online to absorb the crisis. At Google, among other things, the business of the video platform YouTube is booming, while people are more at home. And at Apple, the business with Mac computers and iPads grew in times of working from home and online learning.

Amazon triples profits

Amazon increased its quarterly sales by 37 percent year-on-year to 96.1 billion dollars (82.3 billion euros). The profit tripled to the previous record of $ 6.3 billion. "We see more customers than ever before who buy gifts early," said Amazon CEO Jeff Bezos. This is an indication that an unprecedented Christmas business is imminent.

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Facebook , Alphabet ( Google 's parent) and Amazon each reported solid growth for the third quarter of 2020, as COVID tailwinds continued. Facebook ’s monthly active users were 2.74 billion as of the end of September (up 12% annually) and monthly active users across its family of apps was 3.21

The executives of the four US tech giants defend their records at a five-hour hearing in Congress. The heads of some of the world's biggest tech companies have appeared before Washington lawmakers to defend their firms against claims they abuse their power to quash competitors.

Amazon is forecasting revenues of between 112 and 121 billion dollars for the current quarter. It would be the first time that the company has broken the $ 100 billion mark in one quarter. With its delivery services, Amazon had already benefited greatly in the previous quarters from the fact that the demand for orders on the Internet increased sharply during the pandemic. Amazon's lucrative cloud business with IT services and storage space on the Internet has recently continued to flourish.

Boost for Facebook through digital change

At Facebook analysts were still worried about business at the beginning of the crisis. Small and medium-sized businesses make up a large proportion of Facebook advertisers. Many of them, such as cafes and restaurants, have been hit hard by the pandemic. But it turns out that Facebook's business is even getting a boost as more companies go online looking for new revenue in the pandemic. The turnover of the online network, which is mainly achieved with advertising, rose by 22 percent to 21.2 billion dollars. The bottom line was a profit of $ 7.85 billion. An increase of 29 percent.

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Tech giants lost more than 0 billion in market value in the last two days. The concern comes as investors wonder how the current spike in Covid-19 cases will affect the global economy. Four of the big six -- Alphabet, Amazon , Apple and Facebook -- are set to report earnings Thursday after the bell

Powerful giants . The four tech CEOs command corporations with gold-plated brands, millions or even billions of customers, and a combined value greater than the entire German economy. One of them, Bezos, is the world’s richest individual; Zuckerberg is the fourth-ranked billionaire.

top manager Sheryl Sandberg cited a family company that otherwise sold soaps from its own production at weekly markets. In the pandemic, she is now using Facebook as a platform and has expanded her business. Facebook builds on this the argument that the online network plays a role worth protecting for the economy during the crisis - and, for example, data protection restrictions could ultimately damage the economy.

The number of daily active Facebook users rose within three months by 30 million to around 1.82 billion. 2.54 billion users access at least one app from the group, such as Instagram and WhatsApp, every day.

Main source of income from Google mother Alphabeth bubbling up vigorously

Thanks to online advertising, profits from Google mother Alphabet also shot up by almost 60 percent to 11.2 billion dollars, while sales grew by 14 percent to 46.2 billion dollars.

After a setback in the previous quarter, Google's advertising business was up and running again and contributed the largest share of sales with 37.1 billion dollars. In addition, the advertising revenues of the video subsidiary Youtube, which rose by a third to five billion dollars, as well as the cloud business with IT services on the Internet flourished.

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Silicon Valley giants Amazon , Apple and Facebook enjoyed a dramatic boom during the worst months of the The four most powerful technology companies in the world will share how well business is doing. The results came a day after the bosses of Amazon , Apple , Facebook and Google were

The tech giant has entrenched itself as one of the biggest beneficiaries of the coronavirus Related Link: How The 2020 Presidential Election Could Impact Health Care StocksUPS Issues Statement REITs are required to return a certain percentage of profits directly to shareholders, and dividends

Delayed iPhone 12 depresses Apple's quarterly profit

Unlike these companies, Apple still does a large part of its business with the sale of devices. And here Apple had a problem in the past quarter: The new iPhone generation was not presented as usual in September, but only a month later. That meant for the quarter a profit decline of 7.4 percent to 12.7 billion dollars.

iPhone sales fell year-on-year by a fifth to around $ 26.4 billion. But: The group's total revenues grew by one percent to $ 64.7 billion. This was ensured by increased business with iPads and Mac computers, among other things, as well as subscriptions for streaming and other services.

The exciting question will now be whether the Christmas quarter for the new iPhone 12 is as strong as usual. CFO Luca Maestri said in a conference call with analysts that the group expects growth in the business. Sales with Macs rose in the past quarter by 29 percent to a good nine billion dollars. The iPad business grew 46 percent to $ 6.8 billion.

Cartel investigations against tech giants

At the same time, the successful tech giants are increasingly being targeted by competition authorities, also in their home market, the USA, where the regulators have so far tended to let the reins loose. Last week the US Department of Justice filed a long awaited competition lawsuit against Google. It accuses the group of exploiting its market power in Internet searches and related advertising in a prohibited manner. As the Handelsblatt reports, a procedure by the German Federal Cartel Office aims at an agreement between Amazon and Apple that the latter may sell products from authorized dealers on the marketplace of the former.

shutterstock_238557115 © Shutterstock / Igor Plotnikov shutterstock_238557115

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