Tech giants' shares soar as companies benefit from Covid-19 pandemic

Amazon, Apple, Facebook and Google reported positive quarterly results even as overall US economic growth fell by 32.9%

Tech giants Amazon, Apple, Facebook and Google released results on Thursday that showed just how richly the sector has benefited from the coronavirus pandemic, sending their already sky-high share prices soaring in after-hours trading.

On a day when the US announced economic growth overall had collapsed by a record-setting 32.9%, Amazon reported a profit of $5.2bn for the quarter and sales of $88.9bn, 40% higher than the same period last year. Amazon Web Services, the company’s cloud computing division, reported revenues of $10.8bn for the quarter – boosted as companies and consumers shifted online during the pandemic.

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