Facebook, Microsoft and Amazon Report Double-digit Growth, Apple Revenue Hurt by Pandemic

Tech giants, Facebook, Microsoft and Amazon reported a revenue growth in the first nine months of 2020. According to data by Comprar Acciones, Apple and Google also reported slight increases in their revenue within the same period.

According to the research data, Amazon revenue grew by 35 percent, Facebook by 17 percent and Microsoft by 13 percent. Cumulatively, the tech giants amassed over $152 billion in Q3 of 2020.

In the same period however, Apple’s revenue totaled $64.7 billion signaling a 1 percent growth rate year-over-year.

Read: Apple To Launch Subscription Services With New iPhones In October

iPad revenue grew 46 percent year-over-year, revenue from Mac sales grew 28 percent in the same period and services revenue surged 16 percent. However, the company took a hit with a 20.7 percent decline in iPhone sales affecting its overall revenue.

Apple’s plunge can be attributed to the delayed released of iPhone 12 in October this year. Typically, the company releases its latest iPhones in September, but due to the Covid-19 pandemic, the event was pushed by a month.

Alphabet, Google’s parent company, posted $46.2 billion in Q3 2020, a 14 percent increase in revenue YoY. Ad revenue boosted its income by $37.1 billion.

Read also: Google, Facebook and Microsoft Evading Billions In Taxes In Developing Countries – Report

Amazon had a great year, with sales shooting up 35 percent YoY to $96.1 billion. The company’s profits nearly tripled to $6.3 billion.Amazon’s surge was boosted by the pandemic which saw many people shop online in a bid to reduce the spread of the Corona virus. The online shopping giant is projecting that its sales will rise between 28 percent to 38 percent in Q4, 2020.

Facebook’s revenue also soared by 22 percent to reach $21.47 billion. Ad spending accounted for $21.22 billion of the total amount.

Microsoft’s revenue also grew by 15 percent, to reach $36 billion. The company’s profits grew by 22 percent YoY to $10.8 billion.

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Written by Vanessa Murrey

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