Tech Giants Report Higher Profits – Some More Than Others

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October 30, 2020

Five technology giants are reporting earnings Thursday, providing the latest indication of whether they are rebounding from an economic slowdown earlier this year.

The results come a day after the CEOs of Facebook, Google and Twitter testified before the Senate Commerce Committee, rebuffing accusations of anti-conservative bias and promising to aggressively defend their platforms from being used to sow chaos in next weeks election.

Apple and Google’s parent Alphabet are also reporting results Thursday.

ALPHABET

Googles corporate parent Alphabet returned to robust financial growth during the summer. In the previous quarter, it suffered its first-ever quarterly decline in revenue amid the economic slowdown stemming from the COVID-19 pandemic.

The companys revenue for the July-September period rose 14% from the same time last year to $46.2 billion. Its profit soared 59% to $11.2 billion, or $16.40 per share. Both figure easily surpassed analyst estimates, lifting Alphabets stock price by 9% in Thursdays extended trading after the numbers came out.

The rebound, as usual, was propelled by the ad spending that has established Google has one of the worlds most proficient moneymaking machines. But U.S. Justice Department is now seeking to throw a monkey wrench into Googles financial gears in a recently filed lawsuit that accuses the company of abusing its dominance of search to boost its profits and stifle competition

FACEBOOK

Facebook said Thursday its third-quarter profit and revenue continued to grow along with its worldwide user base, but looking ahead to 2021 the company predicted a significant amount of uncertainty.

Facebook earned $7.85 billion, or $2.71 per share, in the July-September period. Thats up 29% from $6.09 billion, or $2.12 per share, a year earlier. Revenue grew 22% to $21.22 billion from $17.38 billion.

Analysts were expecting earnings of $2.18 per share on revenue of $19.80 billion, according to a poll by FactSet.

The Menlo Park, California-based companys stock slipped $7.83, or 2.8%, to $273 in after-hours trading after the results came out. The stock had closed up nearly 5% at $280.83.

The social media giants average monthly user base was 2.74 billion as of Sept. 30, up 12% from a year earlier.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tech Giants Report Higher Profits – Some More Than Others

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