Quarterly results presentations show that the world’s biggest tech companies continue to thrive despite the global pandemic.
Facebook, Amazon, and Apple all presented strong results for the quarter, with Alphabet being the only company of the four to present results that were worse year-on-year.
The details of these results presentations are below.
Net income increased by 98% from $2.62 billion to $5.18 billion, while diluted earnings per share (EPS) increased by the same percentage.
Facebook also increased its daily active users to 1.79 billion, which is up by 12% compared to 2019, while the daily active user figure for all of its apps grew to nearly 2.5 billion.
“We’re glad to be able to provide small businesses the tools they need to grow and be successful online during these challenging times,” said Facebook founder and CEO Mark Zuckerberg.
“And we’re proud that people can rely on our services to stay connected when they can’t always be together in person.”
Ecommerce giant Amazon benefited tremendously from the pandemic due to increased demand for online shopping in recent months.
The company reported a net income of $5.2 billion, which is double the $2.6 billion it earned over the same period last year.
Net sales increased by 40% to $88.9 billion for the quarter compared to $63.4 billion in Q2 of 2019.
“This was another highly unusual quarter,” said Amazon CEO Jeff Bezos.
“We’ve created over 175,000 new jobs since March and are in the process of bringing 125,000 of these employees into regular, full-time positions. And third-party sales again grew faster this quarter than Amazon’s first-party sales.”
Apple’s financial results for the quarter also showed good signs, as quarterly revenue increased by 11% to $59.7 billion.
Net income also increased from $10 billion in the same period last year, to $11.25 billion this year.
This was driven by an increase in net sales to $59.69 billion for the quarter, compared to $53.81 billion for the same period last year.
“Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments,” said Apple CEO Tim Cook.
“In uncertain times, this performance is a testament to the important role our products play in our customers’ lives and to Apple’s relentless innovation.”
Alphabet, which owns Google, was the only of these four companies to suffer a year-on-year decrease to its net income.
It reported a net income of $6.96 billion for the quarter, which is a large decrease compared to $9.95 billion for the same period last year.
This has resulted in a diluted EPS of $10.13, compared to the diluted EPS of $14.21 for the same period last year, while total revenue declined by 2% year-on-year from $38.94 billion to $38.3 billion.
“We’re working to help people, businesses and communities in these uncertain times,” said Google and Alphabet CEO Sundar Pichai.
“As people increasingly turn to online services, our platforms — from Cloud to Google Play to YouTube — are helping our partners provide important services and support their businesses.”