Plus, earnings reports for the Big 4
| | | | | First Things First | | July 31, 2020 | By Jess Zafarris |
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| Big Tech Earnings Updates | |
One day after Amazon, Apple, Facebook and Google testified during congressional antitrust hearings, the four behemoths released their earnings reports. Here's some quick takeaways: Google parent company Alphabet saw its first year-over-year drop with a 1.5% decline. However, the drop was still smaller than projections suggested. [Read more here.]Facebook and Apple fared much better, with both posting an 11% year-over-year increase. Facebook outperformed both expected revenue and user growth for Q2, with nearly all of its earnings from ad revenue. The increase marked a record quarter for Apple, with boosts notably coming from its fast-growing services including Apple Music and iCloud.Amazon revealed its net sales were up 40% year over year to $88.9 billion and net income jumped $5.2 billion. [Read more here.] | |
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