5 Signs Big Tech Has Benefited From the Pandemic So Far
The recent reports about quarterly financial performance has provided investors a first look at how the coronavirus pandemic has helped giants like Netflix, Facebook and Amazon. Earnings season offers plenty to talk about in the tech world, even during a “normal” year. But this isn’t a normal year. With companies sharing their April-through-June performances — representing Q2 for most firms – one overarching theme has emerged: Big Tech looks to have only benefited from the pandemic. With millions of people compelled to stay inside, many have spent more time streaming, more time on social media, and more time buying products online. The results were especially jarring when compared to the overall economy, as GDP plunged 9.5% during Q2, marking the worst three-month stretch on record. Still, there are warning signs tech could begin to feel the pain during the second half of 2020, as Hollywood and other industries pull back their ad spending. With that said, here are the 5 key tech takeaways: Also Read: Inside Netflix's 'Remarkable' Move to Bump Ted Sarandos Up to Co-CEO Twitter highlights the importance of growth Even though Twitter missed on both Q2 revenue projections — usually a cardinal sin to investors — and earnings,...
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