Unlike airlines, hotel chains and restaurants, millions of small businesses are struggling to survive the pandemic COVID-19The most prominent technology companies in the world have not been affected by the crisis so far, in defiance of the dire situation of the general economy, many companies recorded double growth in revenues for the nine months of this year, led by Google, Facebook and Amazon.
As the following chart shows, Amazon grew its revenue by 35% year-on-year in the first nine months of 2020, with record quarterly revenues in the third quarter of the year.
Growth of technology companies
While Amazon’s success during the pandemic seems logical, given that many people have switched to online shopping during the lockdown, the relative immunity against the crisis demonstrated by Google and Facebook was more of a surprise. After all, the two companies rely heavily on ad spending. Which has decreased significantly during the Coronavirus pandemic.
The revenues of Alphabet, the parent company of Google, increased to 46.2 billion dollars in the third quarter of this year, surpassing the $ 38.3 billion it achieved during the last quarter and 40.5 billion dollars last year for the same period, and Alphabet’s net income reached 11.2 billion dollars this quarter. It’s a big improvement compared to $ 7 billion last year as well.
And Apple’s high-priced consumer goods do not appear specifically designed for periods of mass unemployment and economic uncertainty, and a small growth of only 4% year-on-year – down from 6% in the first half – may be evidence of this.