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Let’s check in on how Big Tech is doingINTL

Let’s check in on how Big Tech is doing

Big tech companies have been posting their first-quarter earnings throughout the week. Microsoft (MSFT), Google’s parent company Alphabet (GOOGL), Facebook (FB), and Apple (AAPL) all reported surging profits and revenues as they continued to capitalize on the pandemic.

Microsoft saw its biggest quarterly revenue increase since 2018, which was largely driven by its cloud business and Xbox sales (some gamers couldn’t even get a hold of the popular console). Meanwhile, Alphabet’s cloud business reported impressive growth, and its year-on-year Q1 revenues were up 34%, fueled by digital advertising.

This was also the case with Facebook, which saw its earnings rise by 48% mainly due to high ad revenue. Congrats to the whole gang!

why it matters
These results mirror the coronavirus-imposed changes that saw people around the world shift to remote work (ie cloud computing) and adopt stay-at-home trends (ie gaming). Another company estimated to do extremely well this week on the back of the pandemic is, of course, Amazon (AMZN). So, you best believe that digital adoption is steadily accelerating and shedding some light on what the future holds for the tech industry as a whole.