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Tech Giants: Google reports a drop
Google reports a rare drop ; Internet giants Facebook and Amazon have doubled their quarterly profits. Both online platforms reported earnings of $ 5.2 bill
Yazar: Zack Smith
Yayınlanma: 31 Temmuz 2020 14:42
Güncellenme: 7 Kasım 2024 13:15
Tech Giants: Google reports a drop
Internet giants Facebook and Amazon have doubled their quarterly profits. Both online platforms reported earnings of $ 5.2 billion each for the second quarter of the year. While Facebook had sales of $ 18.7 billion despite an advertising boycott by numerous companies, it was $ 88.9 billion on Amazon.
Facebook's profit was about twice as high as in the same quarter of the previous year. At that time, however, earnings were burdened, among other things, by payment of two billion dollars according to investigations by the consumer protection agency FTC. The company said the number of monthly users worldwide rise to 2.7 billion. However, a number of large companies had recently announced that in the fight against hate and racist agitation, advertising on Facebook would initially be avoided.
Tech Giants: Google reports a drop
Despite the increased profit, Facebook's business is growing much more slowly than before. Last quarter, revenue increased 11 percent year over year to $ 18.8 billion. In the first weeks of July, there was similar growth, as announced by the world's largest online network. Before the crisis, growth rates of over 20 percent were the order of the day in Facebook's business. The online mail-order company Amazon has clearly benefited from the crisis. Revenue in the second quarter rose 40 percent year over year. "It was another highly unusual quarter," said Amazon CEO Jeff Bezos. Because of the pandemic, many people worldwide order more online - because shops have had to close for weeks or because customers prefer to continue shopping online even after the stores reopen. In addition, the cloud business with IT services and storage space on the net continues to flourish, even if Amazon's flagship AWS has recently not been able to fully meet the high growth expectations.YouTube is strong
The advertising revenue of the video subsidiary Youtube, however, developed strongly, with an increase of six percent to $ 3.8 billion. Google's cloud business even increased sales by 43 percent to $ 3.0 billion. Although Alphabet outperformed market expectations, the initial reaction from investors was subdued. The stock initially posted only a slight increase. In the course of the year so far, however, the price has already increased by 14.5 percent. You might also be interested in:Google Will Work From Home For a While
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