Facebook earned $2,239/sec suring Covid-19 induced lockdown, Apple profits even more as compared to the other US tech giants.
Coronavirus induced lockdown across the globe was unbearable for most of us as it hit us in all the facets, damaging economy of nations and hampering the growth of industries. But this case was not same for the tech giants such as Apple Inc., Amazon, Microsoft etc. as the tech hulks earned even more during the lockdown period as compared to 12 months before.
300 billion dollars in net profit on revenue of 1,350 billion dollars: these are the astonishing results of the firms formerly known as GAFAM (Google, Apple, Facebook, Amazon & Microsoft) over the last year (twelve months ended September 30, 2021).
The United States’ tech titans are in excellent financial condition, having benefited tremendously from the digital economy’s surge since the outbreak of the epidemic.
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Compared to the twelve-month period before, Microsoft’s profit exploded by 43%, Amazon’s profit increased by 51%, for Facebook profit shot up by 59%, Apple saw 65% growth and Alphabet’s profit soared by huge 98%.
The vast sums earned by these firms are difficult to comprehend, given the context of even more rooted data. We have broken down their earnings to a shorter time frame to obtain a sense of their economic growth. How much money do the IT behemoths make per second?
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According to Apple’s net earnings from October 2020 to September 2021, the company earned an incredible $3,000 per second throughout this time frame. This performance should allow it to keep its position as the most profitable corporation in the world for a long time.
Alphabet and Microsoft come in second and third position, with $2,239 and $2,153 in earnings earned every second, respectively, followed by Facebook ($1,278) and Amazon ($833).
When compared to other firms that have been exceptionally lucrative this year, these figures are similar to, if not more than, the combined earnings of pharmaceutical cpmpanies such as Pfizer, BioNTech, and Moderna. According to a recent research, the three vaccine manufacturers gained approximately $1,000 per second (pre-taxation) in revenues in 2021.