Tuesday, July 27, 2021

Profits rise for tech businesses

 More news of how the capitalist sector is benefiting from the misfortune of the rest of us.

Tech corporations reported soaring profits as consumers upgraded their devices.

Apple's profits nearly doubled to $21.7bn (£15.6bn) in the three months to 30 June as customers bought pricier 5G iPhones, boosted by growth in digital subscriptions for its TV and music streaming services.

Microsoft saw a $16.5bn profit at the same time - up 47% year-on-year, due to demand for cloud services and games. Sales in its fourth-quarter had been driven by demand for personal computers, which includes Windows software as well as its new Xbox consoles

Google's parent company, Alphabet, also reported on Tuesday that quarterly sales and profits had surged to record highs. That was largely down to an increase in spending on online advertising aimed at customers who were stuck at home shopping online due to restrictions. 

YouTube, for example, saw advertising revenue jump to $7bn in the three months ending 30 June, in comparison with $3.81bn the year before.

Tech giants' profits soar as pandemic boom continues - BBC News

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