Apple made the biggest splash, recording the biggest Q2 earnings in the company’s entire 45-year history. Which is no mean feat for a company that’s more valuable than some countries’ entire GDP. Google parent Alphabet Inc’s quarterly revenue and profit surged to record highs, powered by a rise in advertising spending as more consumers shopped online.
This story was first published at thebit.nz,” with a link to the article page at thebit.nz. It’s that time of year again, when super-rich tech businesses report precisely how much wealthier they’ve grown in the previous three months. Apple, Google, and Microsoft have all profited from worldwide lockdowns and the end of them due to the magical mix of creating software to enable remote working and products that can be purchased in brick-and-mortar stores.
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In all, Apple made US$21.7 billion profit between April and June – a rise of 93 per cent year on year. Total revenue was US$81.4 billion, mainly led by iPhone 12 sales which grew 50 per cent on this time a year ago. But services – think Apple Music, Apple Arcade, Apple News and many other nouns with the word “Apple” in front of them – grew 33 per cent to hit US$17.5 billion too. But it wasn’t all good news, with Apple executives taking time out from browsing sports cars and property to warn that the end of the year isn’t likely to be as impressive thanks to the global chip shortage finally catching up with the company.
“We expect supply constraints during the September quarter to be greater than what we experienced during the June quarter,” the company’s chief financial officer Luca Maestri told investors. “The constraints will primarily impact iPhone and iPad.” Three tech companies that have amassed unparalleled influence while reshaping the way we live released strong earnings results. Three tech companies that have amassed unparalleled influence while reshaping the way we live released strong earnings results.
Boasting almost as impressive figures for the quarter was Alphabet, the somewhat obscure parent company of the omnipotent Google. The business recorded revenue of US$61.8 billion, up 62 per cent on this time last year. Profit was even closer to Apple, with the company recording a grand total of US$18.5 billion, double what it posted a year ago.
Anybody who knows how Google makes its money will be unsurprised to hear that the majority of this came from search and advertising, though Google Cloud and ‘Other Bets’ also increased their take too. Last, but certainly not least given the sheer quantity of money involved, was Microsoft. The company posted revenues of US$46.2 billion, up 21 per cent year-on-year. Impressively, profits rose a massive 47 per cent to hit US$16.5 billion, too. Remote working has helped Microsoft reach strong figures.
Microsoft’s strong numbers were driven by software that helps remote work: Intelligent Cloud jumped 30 per cent from where it was a year ago, while business apps (Office, LinkedIn and the like) grew by 25 per cent. While ‘rich companies get richer’ may not be the most surprising of headlines, it is remarkable that all three companies – dinosaurs in tech terms with a combined age of 114 – show no signs of ‘doing a Yahoo’ after so many years at the top.
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