Familiar with the term ‘Tech Giants’ also known as ‘Big Tech’ or ‘Big Five’?
Five of the largest and most dominant companies in the information technology industry of the United States, whose innovations are leveraged globally, are termed the Tech Giants.
These companies continue to leverage the digital shift caused by the pandemic, facilitating online advertising, e-commerce and consumer spending.
Currently, they include Amazon, Apple, Google (also referred to as Alphabet), Facebook, and Microsoft.
These companies are included in the list of most valuable public companies globally, with a maximum market capitalisation ranging from $1 trillion to $2 trillion.
Here’s the news:
Just in the second quarter of 2021, these five companies almost doubled their profit compared to the second quarter of 2020. An amazing record.
According to percentage increase
Alphabet (Google) had the highest increase. The company went beyond doubling its profit with a 166% increase compared to the previous year. The tech giant landed a $185,000,000,000 net income. That’s far beyond its $7,000,000,000 net income in the second quarter of 2020.
The company with the second-highest percentage increase was Facebook, with 101%. Another applaudable net income boost from $5,200,000,000 in the second quarter of 2020 to $10,400,000,000 in the second quarter of 2021.
The third on the list was Apple. The company had a 93% increase. Compared to its $11,300,000,000 profit in Q2 2020, $21,700,000,000 was recorded as its net income for Q2 2021.
Amazon followed with a 49% increase from its previous Q2 2020 profit of $5,200,000,000 to $7,800,000,000 in Q2 2021.
And of course, we have Microsoft with a 47% increase of $16,500,000,000 recorded as the company’s Q2 2021 net income, compared to $11,200,000,000 in Q2 2020.
According to finances, Apple had the highest amount of $21,700,000,000, followed by Alphabet (Google) with $18,500,000,000, Microsoft with $16,500,000,000, Facebook with $10,400,000,000 and Amazon with $7,800,000,000.
According to statistica, Amazon experienced a 27% net sales growth to $1,130,000,000 in the past three months, partly offsetting a slowdown in its core e-commerce business with strong growth in its cloud and advertising segments.
Brian Olsavsky, CFO at Amazon, pointed out that the slowdown in year-over-year growth was mostly due to unusually strong results caused by lockdowns in Q2 2020.
Facebook and Apple warned investors that the blockbuster growth rates achieved over the past 15 months couldn’t be sustained forever, there were little signs of weakness in big tech’s Q2 results.