Big Tech Profits Continue To Surge, Latest Earnings Show |

By Thomas Catenacci

http://dailycaller.com/

  • Big Tech companies including Google, Apple, Microsoft and Twitter reported massive, record-breaking earnings figures as their sales continued to surge amid the ongoing coronavirus pandemic.
  • “Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” Google CEO Sundar Pichai said in a statement Tuesday, explaining his company’s strong performance.
  • Apple reported record second-quarter revenue of $81.4 billion, or 36% more than it did during the same period last year, and earned $21.7 billion in profit, according to the company.

Big Tech companies reported massive, record-breaking earnings figures as their sales continued to surge amid the ongoing coronavirus pandemic.

Google, Apple, Microsoft and Twitter all beat earnings estimates and showed large revenue growth, executives for the tech companies said during earnings calls Tuesday evening. The four companies’ earnings reports suggested that the growth experienced by Big Tech during the pandemic will continue apace.

“Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” Google CEO Sundar Pichai said in a statement Tuesday, explaining his company’s strong performance.

He added that the company has “helped so many consumers and businesses” over the last year.

Google reported second-quarter net profit of $18.5 billion, a massive jump from the nearly $7 billion reported last year, according to the company’s report. Its total revenue surged to a quarterly record of $61.9 billion, 62% higher than last year.

The record revenue figure shattered Wall Street predictions, which had Google reporting $56.2 billion, Barron’s reported.

Apple also reported record second-quarter revenue, earning $81.4 billion or 36% more than it did during the same period last year, according to a release. The iPhone maker earned $21.7 billion in net profit compared to the $11.3 billion it earned last year.

“Our record June quarter operating performance included new revenue records in each of our geographic segments, double-digit growth in each of our product categories, and a new all-time high for our installed base of active devices,” Apple Chief Financial Officer Luca Maestri said.

Apple CEO Tim Cook touted his company’s “unmatched innovation.” 

The company crushed Wall Street projections in overall revenue and revenue for every individual product including Mac, iPhone and iPad sales, CNBC reported.

Similarly, Microsoft’s revenue increased 21% year-over-year, reaching $46.2 billion in the second quarter, the company said Tuesday. The company reported net income of $16.5 billion, a 47% increase compared to the second quarter in 2020.

Wall Street expected the Big Tech company to report $44.2 billion in total sales, according to MarketWatch.

“Our results show that when we execute well and meet customers’ needs in differentiated ways in large and growing markets, we generate growth,” Microsoft CEO Satya Nadella said in a statement.

Finally, Twitter reported its fastest revenue growth since 2014 last week, shattering Wall Street expectations, according to CNBC.

“We delivered better-than-expected performance across all major products and geographies while growing our audience,” Twitter Chief Financial Officer Ned Segal said in a statement on July 22.

The social media platform reported $1.2 billion in revenue, a whopping 74% increase compared to 2020. Twitter earned $66 million in net profit, much better than the net loss it reported last year.

Amazon and Facebook will report their second-quarter earnings on Wednesday and Thursday respectively.

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Author: Thomas Catenacci


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