Tech Giants Report Blockbuster Quarterly Results
Google Blows Past Wall Street Estimates
Alphabet (GOOGL) blew past Wall Street estimates for the first quarter, reporting $55.31 billion in revenue and earnings of $26.29 per share. Analysts had expected the Google parent to have revenue of $51.7 billion and earnings of $15.82 per share.
Revenue during the quarter was up 34% year-over-year and ad revenue surged 32.3%. The year-over-year advertising revenue growth was Google’s best in four years. During the first quarter of 2020 the pandemic caused a significant decline in advertising sales.
The internet giant also approved the repurchase of an additional $50 billion in shares which kicked off on April 23.
Apple’s iPhone Keeps Driving Growth
Apple (AAPL) also had a strong showing in the first three months of 2021, easily beating Wall Street’s earnings targets. The company’s overall sales were up 54% compared to last year and iPhone sales climbed 65.5%. Apple has been riding the success of its iPhone 12, which it rolled out amid the pandemic last fall. It is the first iPhone to offer 5G and has been a huge success for Apple. In its fiscal first quarter, its 21% revenue growth was driven by iPhone sales.
Facebook’s Revenue Marches Higher
Facebook (FB) continued to benefit from consumers spending more time online, posting first-quarter revenue and profit that increased sharply. The social media giant’s revenue was $26.17 billion—up 48% year-over-year. The results surpassed Wall Street’s expectations.
Facebook, which owns Instagram and WhatsApp, also benefited from consumers making more purchases directly from brands through apps.
A number of the country’s large tech companies have seen growth during the pandemic. It will be interesting to watch how the tech giants keep the momentum going as consumer habits shift.
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