Tech Giants Shrug Off COVID-19 Crisis

2 November 2020
205 Views

As opposed to airlines, hotel chains, restaurants and millions of small businesses that are fighting for survival amid the COVID-19 pandemic, the world’s most prominent tech companies have been remarkably unaffected by the crisis (so far). Defying the terrible state of the overall economy, three out of five of the GAFAM group of companies (Google, Apple, Facebook, Amazon, and Microsoft) posted double-digit revenue growth for the nine months of the current year.

As the following chart shows, Amazon grew its revenue by 35 percent year-over-year in the first nine months of 2020, with a record quarterly revenue in Q3 as the icing on the cake. While Amazon’s success during the pandemic seems logical, considering that many people switched to online shopping during lockdown, the relative immunity against the crisis shown by Google and Facebook is more of a surprise. After all, the two companies rely heavily on advertising spending, which dipped noticeably during the coronavirus pandemic. Apple’s high-priced consumer goods also don’t seem tailormade for periods of mass unemployment and economic uncertainty, and the small-ish growth of just 4 percent year-over-year – down from 6 percent in H1 – might be a testament to that.

source statista

Infographic: Tech Giants Shrug Off COVID-19 Crisis | Statista

You may be interested

Crete is the most popular holiday destination for Brits
GREECE
shares11 views
GREECE
shares11 views

Crete is the most popular holiday destination for Brits

Panos - Jan 21, 2021

Crete is the most popular holiday destination for this year’s tourist season for the Brits, according to online searches made in…

Fastest Brand Growth in 2020 (infographic)
WORLD
shares12 views
WORLD
shares12 views

Fastest Brand Growth in 2020 (infographic)

Panos - Jan 21, 2021

2020 has been a pivotal year for various brands in the U.S. A new report of the fastest-growing brands shows…

Putin dips into freezing waters for Epiphany feast
WORLD
shares24 views
WORLD
shares24 views

Putin dips into freezing waters for Epiphany feast

Panos - Jan 21, 2021

The Russian Orthodox Church celebrated the Epiphany on the night of January 18-19. Taking off his warm coat and under polar…

Leave a Comment

Your email address will not be published.