Apple,Google and Microsoft post record breaking profits

In the midst of the pandemic, Google, Apple and  Microsoft  profits have soared up to billions of dollars in terms of quarterly sales.

Alphabet, Google’s parent company, reported the second quarter revenue of Google was 62% higher  in comparison to the last year. 

Google earned billions of dollars totalling the amount  to $61.8bn , and the profit up to 18.5 billion dollars thus doubling the profits for the same period last year. The company’s advertising revenue also rose sharply up to 69% ($50.44bn)from last year.

Apple also joined the race, and made $21.7 billion profit for the time period of three months that ended in June, it is the best fiscal third quarter in the 45 years history of Apple. Although Apple has also seen robust sales of its business services and iPhone 12.

Microsoft also emerged  victorious in beating exceptions as it reports the revenues of $46 billion for the quarter. This is estimated as  21% high in contrast to the same quarter last year.

Facebook, Amazon , Google, Apple and Microsoft profits have sharply increased during  the pandemic and collectively they worth more than the third of entire S&P 500 Index of USA’s largest trading companies

An economist and Professor of Finance at New York University said that the pandemic served to be the biggest opportunity for IT firms, especially the big ones. As due to global  lock downs more businesses and consumers are utilising their services. He termed the time during the pandemic as “perfect positive storm” for  giant IT companies.He said:

“They were already on the rise and had been for the best part of a decade, and the pandemic was unique.For them it was a perfect positive storm.”

Brian Nowak, the Morgan Stanley analyst while commenting on the sales of the Google quoted the survey saying that customers or consumers due to pandemic lock down spent more time online for products.

 About 54% of retailers ranked Google’s search engine and products with inclusion of YouTube as “their first place to go to research products online, up from 50% in past surveys”.

Since after the pandemic many businesses have shifted online due to vigorous lock downs. The tech giants like Google,Apple and Microsoft profits have risen high but this is just a start. As Satya Nadella, Chief executive Microsoft  said it was “just the beginning” as the shift to digital technology is “accelerating” fast.