Thursday, October 28, 2021

Quarterly profits noted

Just a reminder about how much the tech giants make:

Google's parent company Alphabet announced profits Tuesday that jumped to $18.9 billion, even as the online colossus faces increased regulatory pressure and shifting of the lockdown lifestyles that have so benefited Big Tech. 

(That's a quarterly figure, by the way.)

And how do the other giants compare?:

Google's results came the same day that Microsoft announced a quarterly earnings surge fueled by cloud computing demand, saying it made a profit of $20.5 billion in the recently ended quarter. Revenue jumped 22 percent from the last quarter last year to $43.5 billion.

And a day earlier, Facebook announced that its profit in the third quarter grew to $9.2 billion—a 17 percent increase—and its ranks of users increased to 2.91 billion.

The strong financial figures came as the leading social network battles a fresh crisis since former employee Frances Haugen leaked reams of internal studies showing executives knew of their sites' potential for harm.

Twitter however on Tuesday posted a $537 million net loss in the quarter after settling a lawsuit alleging investors were misled about slowing user growth.

Despite revenue rising sharply with the help of robust ad sales, Twitter still posted an operating loss of $743 million, fueled by the more than $800 million settlement.

Just a reminder:  NASA annual budget - now about $23 billion.

The tech giants should really be building cities on the Moon by now.   Or at least a cave to keep Peter Thiel in.

 

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