The big four tech companies posted record profits of £ 29 billion and sales of £ 177 billion during the coronavirus pandemic.
Amazon, Apple, Google and Facebook reported quarterly results in a series of results.
From July to September, Amazon's profits soared to £ 4.87 billion. Apple has fallen to £ 9.8 billion; Google rose to £ 8.7 billion; and Facebook rose to £ 6.1 billion.
The numbers stand in stark contrast to the fate of many traditional businesses destroyed by the Covid-19 crisis as consumers flocked online to buy goods and work from home.
Big Tech's profits continue to rise despite heightened government scrutiny at the four companies – including federal antitrust fees against Google's parent company Alphabet Inc and the boycotts of users and advertisers from Facebook Inc.
Jeff Bezos (right), CEO of Amazon, and Tim Cook (left), CEO of Apple, can be seen on file photos
Sundar Pichai, CEO of Google Alphabet Inc., is seen testifying remotely during a Senate hearing in trade on Wednesday (right). Marck Zuckerberg is pictured in February (left)
On Wednesday, a day before the results were published, Republican senators in a virtual Senate trade committee accused Facebook, Google and Twitter of censoring conservative content on their platforms.
Google has also been sued by the Justice Department for anti-competitive behavior. Apple comes under watch after it became known that companies are charging a premium for advertising through the App Store.
Amazon announced yesterday that its sales rose 37 percent for the quarter to a record $ 96.2 billion (£ 74.4 billion). That equates to a profit of $ 6.3 billion (£ 4.87 billion), which is roughly three times its profit over the same period last year.
IPhone maker Apple's shares fell more than four percent as the company posted a one percent increase in revenue to £ 50 billion ($ 64.7 billion) and earnings declined seven percent to £ 9.8 billion (Jan. Billion USD).
This was a bit better than expected, but Apple didn't offer any sales forecasts for Christmas and left investors in the dark about how well the company believes its new iPhone 12 handset will sell.
Amazon shares initially rose 2 percent in after-hours trading, but then fell 1 percent as the company forecast COVID-19 costs of £ 3.97 billion ($ 4 billion) in the fourth quarter
Making a Fortune: Jeff Bezos – pictured with partner Lauren Sanchez
However, the company saw iPhone sales fall 21 percent from July through September, which was worse than analysts forecast as strong sales of its Macbook computers and iPad tablets couldn't offset the decline.
At the same time, the shares of Google parent Alphabet rose by almost eight percent.
Revenue rose 14 percent to £ 35.7 billion (US $ 46.1 billion) and profit increased 60 percent to £ 8.7 billion (US $ 11.25 billion) in the third quarter.
Shares in iPhone maker Apple also fell more than four percent as the company posted a one percent increase in revenue to £ 50 billion and earnings declined seven percent to £ 9.8 billion
The company, which generates most of its revenue from digital ads, benefited from increased spending from companies looking to attract online shoppers in the summer, as well as a 45 percent increase in revenue in its cloud computing division.
Elsewhere, the return to higher corporate advertising spending has also spurred the competing advertising businesses of the Facebook and Twitter social networks.
Facebook saw sales jump 22 percent to 16.6 billion pounds ($ 21.2 billion) and profits jump 29 percent to 6.1 billion pounds (7.84 billion US dollars).
Daily users rose 12 percent to 1.82 billion in the quarter.
Google parent Alphabet's shares rose nearly eight percent in trading after the session after the company knocked analyst expectations out of the water
Since the virus outbreak began in the US eight months ago, consumers have increasingly turned to Amazon for food, housewares and medical supplies.
When brick and mortar stores closed their doors due to lock orders, Amazon hired more than 400,000 additional employees and made the largest profit in its 26-year history.
It has kept the world's largest online retailer at the center of work and political turmoil. Democratic politicians this month accused Amazon of having "monopoly power" over retailers on its platform, which the company denies.
Facebook posted sales up 22 percent to £ 16.6 billion and profits up 29 percent to £ 6.1 billion
Meanwhile, more than 19,000 Amazon employees in the United States have signed COVID-19 and some employees protested the closings of locations.
Amazon responded with a series of precautionary measures and an employee virus-testing program that have helped the company stay up and running.
Jeff Bezos, managing director of Amazon and the richest person in the world, said in a press release: “We are seeing more customers than ever before shopping early for their Christmas gifts. This is just one of the signs that this is going to be an unprecedented holiday season. & # 39;
At the same time, logistics costs have risen in recent months as Amazon has been working to cut standard delivery times for Prime Loyalty Club customers – and the pandemic has only compounded its challenges.
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