Amazon, Facebook and Apple thriving in lockdown
July 31, 2020 10:29 am
The coronavirus crisis might be causing widespread economic upheaval around the world, but the world's biggest tech firms are thriving. [Source: BBC]
The coronavirus crisis might be causing widespread economic upheaval around the world, but the world’s biggest tech firms are thriving.
Amazon sales soared 40% in the three months ending June, while Apple saw a surge in purchases of its iPhones and other hardware.
At Facebook, the number of people on its platforms, which include WhatsApp and Instagram, jumped by 15%.
The gains come as the firms face scrutiny over their size and power.
At a hearing in Washington on Wednesday, lawmakers grilled the companies about whether they were abusing their dominance to quash rivals, noting the sharp contrast between their fortunes and many other firms.
Their positions are likely to become even stronger, as the pandemic pushes even more activity online, said Congressman David Cicilline, the Democrat who leads the committee.