Tech Q3 Earnings: Facebook, Google, Amazon Post Strong Revenue and Profit Gains
Big tech companies continue to prosper in the time of COVID. Facebook, Alphabet (Google’s parent) and Amazon each reported solid growth for the third quarter of 2020 — results that reflect how people worldwide have upped their usage of internet giants’ services during the pandemic.
The trio each posted revenue and earnings that topped Wall Street expectations. Here are the key takeaways from the companies’ Q3 earnings reports:
- Facebook: Revenue of $21.47 billion (up 22% year over year) and net income climbed 29%, to $7.85 billion. Facebook’s monthly active users were 2.74 billion as of the end of September (up 12% annually) and monthly active users across its family of apps was 3.21 billion (up 14% year-over-year).
- Alphabet: Revenue of $46.17 billion was up 14% year over year, and net income jumped 59%, to $11.25 billion. YouTube ad revenue hit $5.04 billion, up 32%.
- Amazon: Net sales increased 37% to $96.1 billion, and net income tripled to $6.3 billion.
More to come.