It seems every major tech company posted results today, and it seems for the giants the pandemic has been the greatest gift ever.
Amazon is like the biggest beneficiary. The company posted $6.33 billion on a massive $96.1 billion in revenue up from $2.13 billion and $70.0 billion a year earlier.
With COVID-19 restrictions once again on the rise Amazon is likely to once again profit immensely.
“We’re seeing more customers than ever shopping early for their holiday gifts, which is just one of the signs that this is going to be an unprecedented holiday season,” Amazon CEO Jeff Bezos said in a press release.
To accommodate the expected surge Amazon is hiring 100,000 seasonal workers, and spending $4 billion on COVID-19 protection for the same.
Facebook also benefitted from the stay at home push. The company posted $21.4 billion in ad revenue, up 22% YoY, with $8 billion in profit, up 12% YoY.
Daily active Facebook users grew to 1.82 billion and monthly active users to 2.7 billion while the combined daily active user base of Facebook, Instagram, WhatsApp and Messenger includes 2.54 billion “daily active people” in September.
One negative is that daily active users in US dropped from 198 million daily active users to 196 million, but the company added 100 million daily active users in Asia-Pacific.
Google was one company expected to suffer, due to the drop in ad revenue, but it seems the company is managing just fine.
Alphabet registered $11.2 billion in profit on $46.2 billion in revenue, with both figures up on last year ($7 billion profit, $40.5 billion revenue)
Google credits increasing ad spend in Google Search and YouTube, and strength in Google Cloud and Google Play.
Of the FAG companies, Google appears to be growing the slowest, however, registering only 14% revenue growth, likely reflective of its greater dependence on the volatile ad market.