The Economy Is in Record Decline, but Not for the Tech Giants
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Even though the tech industry\\u2019s four biggest companies were stung by a slowdown in spending, they reported a combined $28 billion in profits on Thursday.
\\nA day after lawmakers grilled the chief executives of the biggest tech companies about their size and power, Amazon, Apple, Alphabet and Facebook reported surprisingly healthy quarterly financial results, defying one of the worst economic downturns on record.
\\nEven though the companies felt some sting from the spending slowdown, they demonstrated, as critics have argued, that they are operating on a different playing field from the rest of the economy.
\\nAmazon\\u2019s sales were up 40 percent from a year ago and its profit doubled. Facebook\\u2019s profit jumped 98 percent. Even though the pandemic shuttered many of its stores, Apple increased sales of all its products in every part of the world and posted $11.25 billion in profit. Advertising revenue dropped for Alphabet, the laggard of the bunch, but it still did better than Wall Street had expected.
\\nAre these companies playing by a different set of rules? While the rest of America struggles to find their footing, the Tech Giants continue to dominate all industries. Is it time for break up?
\\nHosts Zack Hayes and Phil Hayes break it all down in this week\'s episode of Pure Speculation. Follow us on Twitter @strugglestate
\\nRead More on StruggleState.com
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