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Big Tech Giants See Profits in the Third Quarter of 2023
By Shubhendra Anand , 15 December, 2023
Many tech giants went through ups and downs for various reasons in the first economic year of 2023. Amazon, Facebook, Google, Apple, and Microsoft are the top five companies showing more recovery in the earnings report 2023.
According to the surveys, the tech giants have profited majorly from e-commerce, online advertising, and others in 2021 and 2022. This effect continues as of 2023, accelerating the market economy from consumer spending in 2023. Consumer behavior affected the tech market in 2023 with online buying as people preferred online platforms. It is due to more efficient, easy-to-buy, wide variety of products, affordable, and doorstep delivery that advanced consumer spending in the e-commerce platform. Based on the survey reports, Apple is the last company from the top five tech giants in the United States revealing its earnings reports in 2023. Apple company witnessed profits in the third quarter of 2023, similar to other tech giants- Microsoft, Amazon, Google, and Facebook. The company retorted with earnings from the third quarter earnings reports of 2023 even though sales were lesser. Apple's net income increased by 11 percent after a one percent fall in sales to USD 89.5 billion in the third quarter of 2023. Experts view progress in sales by the last quarter of 2023 in December compared to profits gained in the 2022 December quarter. Apple has generated earnings throughout the year in 2023.
Other companies from the top five tech giants, Google, saw revenue generation of 9.5 percent, and Facebook generated 31 percent more revenue with a total number of ads viewed by the users in a quarter in 2023. Also, Google noted increased profits from ad spending in the third quarter of 2023. However, Apple also recorded the highest net income in the top five tech companies, with USD 23 billion in the third quarter of 2023.
Big Tech Profit Growth Over The Last Eight Querters
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Shubhendra Anand
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