Apple, Facebook see sharp rise in profits during pandemic

World

Published: 2021-01-28 13:48

Last Updated: 2024-03-29 14:22


Photo: Britannica
Photo: Britannica

In the latest indication that major technology companies have largely benefited from the COVID-19 pandemic, Wednesday, Apple and Facebook announced significant profits in the fourth quarter of 2020. 

The Silicon Valley Giants' announcement highlights the growing reliance of consumers on social media, digital services and technological innovations during the lockdown and the global health crisis.

Apple announced that its profits during the holidays rose by 29 percent compared to the same period a year ago, to reach 28.7 billion dollars, while its revenues rose 21 percent to reach $111.4 billion.

Apple's sales revenue exceeded $100 billion for the first time ever. 

Likewise, Facebook's user base has expanded in a world shaken by the outbreak of the coronavirus. 

The company reported profits of $11.2 billion on revenue of $28 billion, up 53 and 33 percent, respectively, compared to the same period a year ago.

"We have made a solid end to the year as people and companies continue to use our services during these trying times," said Facebook CEO Mark Zuckerberg.

The company said its main Facebook site had 2.8 billion users at the end of December, while 3.3 billion people used at least one of its apps, which include Instagram, WhatsApp and Messenger.