AdvertisingEarnings Season

Big Tech’s Q2 Earnings Report Surpasses Expectations, Highlighting Their Market Dominance

Photo by Spencer Platt/Getty Images

Apple, Alphabet, Amazon, and Facebook reported their impressive Q2 earnings, one day after testifying in front of the House Judiciary’s antitrust subcommittee.

The takeaways:
  • While all four tech companies reported better-than-expected earnings, Alphabet reported its first-ever revenue decline reflecting its reliance on ad revenues.
  • The four companies, along with Microsoft, are the five most valuable publicly-traded companies on the S&P 500.
  • The group’s flying earnings reports are especially impressive given that they came at a time in which the US economy contracted, meaning that together, their relative share of the U.S. economy has increased significantly.

Close look:




  • Reported Q2 revenue of $88.9 billion, up 40% from last year (ahead of an expected result of $81.53 billion).
  • Earnings per share almost doubled compared to last year, at $10.30 vs $5.22 in Q2 2019. 


  • Reported Q2 revenue of $18.7 billion up 11% from last year (ahead of an expected $17.4 billion).
  • Facebook beat Wall Street estimates for daily active users (1.79 billion vs. 1.74 billion forecast). These impressive figures sent its stock soaring 8% in after-hours trading.

The roll-up: The figures show the tech giants have so far not only survived but also thrived through both a historic Congressional hearing and global pandemic. If uncertainty and criticism on a global scale have not yet fazed them, it’s unclear what could.


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