Three tech companies— Apple, Microsoft, and Google owner Alphabet—reported combined profits of more than $50 billion in the April-June quarter, underscoring their unparalleled influence and success at reshaping the way we live. The results served as another reminder of the clout they wield and why government regulators are growing increasingly concerned about whether they have become too powerful, the AP reports. The massive profits pouring into each company also illustrated why they have a combined market value of $6.4 trillion -- more than double their collective value when the pandemic began 16 months ago.
- Apple. With iPhone sales posting double-digit growth over the previous year for the third consecutive quarter, Apple’s profit and revenue for the April-June period easily exceeded analyst estimates. The company earned $21.7 billion, or $1.30 per share, nearly doubling profits earned during the same period last year. Revenue surged 36% to $81.4 billion. The iPhone 12, released last autumn, is shaping up to be Apple’s most popular model in several years, largely because it’s the first to work on the 5G networks that are still being built around the world.