The Hill: Big tech companies report massive earnings amid pandemic
America’s biggest tech companies on Thursday reported massive earnings for the third quarter of 2020, strengthening their positions at a time when the coronavirus recession is ravaging other industries.
Amazon, Facebook, Google, Twitter and Alphabet, Google’s parent company, all notched significant gains from July through September.
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The across-the-board revenue growth for tech companies comes amid increasing regulatory pressure from Washington.
Alphabet, Amazon, Apple and Facebook were the subjects of a comprehensive report on digital marketplace competition released last month by a House Judiciary Committee antitrust panel.
More recently, the Justice Department charged Google with illegally maintaining a monopoly on search and search advertising.
The Federal Trade Commission and several state attorneys general are preparing to file suits targeting Facebook and Google as well.
“Today’s positive earnings reports from Alphabet, Amazon, Apple, and Facebook are not shocking. They merely reflect the insidious and unchecked power Amazon, Apple, Facebook and Google have over American society and business,” said Sarah Miller, executive director of the American Economic Liberties Project, an advocacy group focused on fighting monopolies and corporate power.
Even Twitter, which is not nearly as large as the other four companies, took heat from the Senate Commerce Committee in a hearing Wednesday over unfounded allegations of anti-conservative bias.