Big Tech powerhouses Thursday delivered robust earnings reports for the latest quarter, leveraging the needs of pandemic-hit consumers amid heightened scrutiny of their economic power.
Profits were up for Facebook, Amazon and Google-parent Alphabet, while Apple saw a modest dip in earnings on weakness in iPhone sales.
The results — showing a combined profit of $38 billion for the four companies — highlighted the massive economic power of the tech firms which have been able to ride out the global coronavirus pandemic better than most businesses.
But critics say they are too big and too powerful.
US authorities have filed an antitrust complaint against Google and are reportedly considering action against Facebook.
Meanwhile, lawmakers have sharpened attacks on social media firms for how they handle political content and “hate