Apple, Facebook Earns Profits Owing To Coronavirus Pandemic
Silicon Valley giants Facebook and Apple reported big hit profits on Wednesday, owing to calls for increased analysis of the two companies due to their rising supremacy during the coronavirus pandemic.
The two big giants stated profits that doubled, as Apple earning more than $23.6 billion and Facebook about $9.5 billion in the first three months of the year.
Apple faced strong gains due to an increase in sales of iPhones and assorted products and services, whereas Facebook experienced high increases in digital advertising owing to people's rising internet usage during the current pandemic.
According to the latest results, more attention is expected for these tech firms which can deliver needed goods and services to locked-down customers.
Facebook, Google, Amazon, and Apple are a few of the tech giants that have prospered as the pandemic resulted in a shift to online working, learning, shopping, and socializing.
As stated by Darrell West, a fellow at the Brookings Institution´s Center for Technology Innovation, "The big tech companies are serving at the right place as well as the right time."
"COVID-19 has resulted in faster digital transformation in the industry of education, healthcare, remote work, and e-commerce and has enhanced the profitability of those firms. But a reaction is still there against the sector as the people are worried about privacy, security and human safety."
The rising effect of Big Tech firms, of which Amazon is a part, gave rise to calls for increased regulation, higher taxes, and stronger antitrust enforcement to promote more competition.