Jul 27, 2021

Tech giants' profits soar as pandemic boom continues

Tech giants have reported soaring profits as consumers upgraded their devices and sought cloud storage during lockdowns. Apple's profits nearly doubled to $21.7bn in the three months to 30 June as customers bought pricier 5G iPhones. Microsoft saw a $16.5bn profit at the same time - up 47% year-on-year, due to demand for cloud services and games. Google's parent company, Alphabet, also reported on Tuesday that quarterly sales and profits had surged to record highs. That was largely down to an increase in spending on online advertising aimed at customers who were stuck at home shopping online due to restrictions.

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