Big Tech’s blockbuster earnings undermine their arguments to Congress that they aren’t that big

Four of the biggest tech companies in the world – Amazon, Apple, Google, and Facebook – announced stronger-than-expected second-quarter earnings on Thursday, defying worries about Wednesday’s antitrust hearings and an ongoing pandemic. 

The strong results from the four companies, often categorized as “Big Tech,” comes a day after their CEOs testified before Congress, defending the size of their companies.

Amazon CEO Jeff Bezos, Facebook CEO Mark Zuckerberg, Alphabet CEO Sundar Pichai and Apple CEO Tim Cook took part in an ongoing investigation by the House Judiciary’s antitrust subcommittee that looked into whether the companies are using their position to control the market unfairly. 

It also comes when the world is in the midst of containing a pandemic, and the economic fallout is visible across all sectors and the economy at large. On Thursday, US gross domestic product fell at an annualized rate of 33% in the second quarter, the Commerce Department said Thursday. It’s the largest fall on record dating back to the 1940s. 

 

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