Big Tech Giants Add $200 Billion in Value After Strong Earnings
Apple, Amazon, Alphabet, and Facebook collectively gain roughly $200 billion in market value after releasing surprisingly strong quarterly earnings. The massive surge occurs just one day after their CEOs face tough antitrust questioning from Congress.
Apple, Amazon, Alphabet, and Facebook collectively add roughly $200 billion to their market values after hours following a series of strong quarterly earnings reports. Together, the four tech giants push their combined worth from $4.9 trillion to an estimated $5.1 trillion ahead of the next trading day's opening bell.
Apple and Amazon each contribute approximately $74.4 billion to this massive gain, with Apple reporting a historically strong quarter and Amazon seeing continued sales growth due to the pandemic. Alphabet adds $7.6 billion despite its first annualized revenue decline as a public company, while Facebook gains $42.6 billion even amid its slowest revenue growth since 2012.
This extraordinary financial surge comes just one day after the CEOs of all four companies face intense questioning from the House Antitrust Committee regarding their market power. Despite the looming threat of legal actions and regulatory scrutiny, investors show unwavering confidence and continue to drive the stock prices of these major tech corporations higher.