Amid Pandemic, Big Tech Reports Mixed Earnings

Posted on July 30, 2020 3:34 pm

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Big Tech companies reported mixed quarterly earnings Thursday, a day after their top executives faced a tough congressional grilling over their market power and alleged monopolistic practices.

The staggering economic fallout caused by the coronavirus pandemic was reflected in reports released Thursday from Amazon, Facebook, Apple and Google’s corporate parent, Alphabet.

Apple delivered surprisingly strong numbers with both its revenue and profit rising, defying analysts’ lowered expectations. The iPhone maker’s revenue rose 11% to nearly $60 billion while profit rose 12% to $11.3 billion.

Alphabet, Google’s holding company, reported its first-ever drop in quarterly revenue compared with the prior year. Although it was