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Big Tech Delivers Strong Profits Amid Pandemic, Political Scrutiny

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Key Points

  • Big Tech powerhouses Thursday delivered robust earnings reports for the latest quarter, leveraging the needs of pandemic-hit consumers amid heightened scrutiny of their economic power.
  • Facebook’s profit jumped 29 percent to $7.8 billion in the quarter as the social network saw a rebound in the online ad market despite an ad boycott over how it handles abusive content.
  • Apple profit dipped 7 percent to $12.7 billion, the Silicon Valley-based colossus said in an earnings release.
  • Visit The Financial Today’s homepage for more stories.

SAN FRANCISCO —Big Tech powerhouses Thursday delivered robust earnings reports for the latest quarter, leveraging the needs of pandemic-hit consumers amid heightened scrutiny of their economic power.

Profits were up for Facebook, Amazon, and Google-parent Alphabet, while Apple saw a modest dip in earnings on weakness in iPhone sales.

The results—showing a combined profit of $38 billion for the four companies—highlighted the massive economic power of the tech firms which have been able to ride out the global coronavirus pandemic better than most businesses.

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