Big Techs Earnings Prove its Immune To The COVID-19
While the coronavirus crisis slams other industries, Big Tech is remaining strong. Over the last two weeks, U.S. tech companies have reported their quarterly earnings. And while they showed signs of pain last month, investors still rewarded them for their resilience in the current economic downturn.
Facebook shares popped as much as 10% following its earnings report last week. Google’s parent company Alphabet was up 7%. Netflix reported nearly double the amount of new subscribers it had anticipated for the quarter, while Apple made up for of its lost iPhone sales with digital services like App Store sales and subscriptions.
The only sour spot came from Amazon, which posted less profit than anticipated as it continues to spend heavily to combat the effects of the pandemic on its shipping and logistics network. What does the future hold for these stocks as the pandemic continues?