Big Tech goliaths like Facebook and Amazon unveiled whopping profits this week, showing their dominance in lockdown lifestyles is on course to grow well beyond the pandemic.
“Tech wins the day, the week, and seemingly the year,” Futurum Research analysts said of the surging revenues, driven by digital advertising, cloud computing, gaming and booming use of smartphones and e-commerce.
“The strength of tech is clearly untethered from Covid,” they added.
Powerhouses Facebook, Apple, Microsoft and Google parent Alphabet all reported higher revenues even as they face heightened scrutiny from antitrust regulators for their growing dominance of key economic sectors.
Amazon said on Thursday that second-quarter profit jumped 48 per cent from a year ago to $7.8 billion, even if that showing was below high Wall Street forecasts.