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Amid the pandemic, Big Tech reports mixed earnings

People file into the Steve Jobs Theater before an event to announce new Apple products...
People file into the Steve Jobs Theater before an event to announce new Apple products Wednesday, Sept. 12, 2018, in Cupertino, Calif. (AP Photo/Marcio Jose Sanchez) (KY3)
Published: Jul. 30, 2020 at 5:43 PM CDT
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(AP) - Big Tech companies reported mixed quarterly earnings on Thursday, a day after their top executives faced a tough congressional grilling over their market power and alleged monopolistic practices.

The staggering economic fallout caused by the coronavirus pandemic was reflected in reports from Amazon, Facebook, and Google’s corporate parent, Alphabet. Alphabet reported its first-ever drop in quarterly revenue, a telling sign of a downturn in the digital ad market, one that also slowed Facebook’s revenue growth.

Apple delivered surprisingly strong numbers with rising revenue and profit, while Amazon benefited from stay-at-home e-commerce sales.

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