As small businesses around the country struggle to cope with the economic fallout caused by strict, government-mandated lockdowns, America’s Big Tech companies are seeing a major boost in their businesses thanks to the demands of the pandemic.
Not only did Silicon Valley companies such as Apple, Microsoft, and Amazon see sales, earnings, and revenue jump in the previous quarter, even reaching a record high for Snapchat, but stock for Facebook skyrocketed to an all-time high this week shortly after “reporting a whopping 48% revenue growth year-over-year.”
Alphabet, Google’s parent company, also saw record profit in the first quarter of 2021 shortly after reports that Google’s YouTube made a higher revenue last quarter than “Snapchat, Linkedin and Pinterest combined.”
“A strong recovery in the advertising market and continued reliance on cloud services and at-home entertainment have given most tech firms a boost,” Axios reported.
The Big Tech boom follows months of censorship by Facebook, Instagram, Twitter, and YouTube targeting political