3 TECH GIANTS REPORT COMBINED PROFITS OF MORE THAN $50B

Three tech companies — Apple, Microsoft and Google owner Alphabet — reported combined profits of more than $50 billion in the April-June quarter, underscoring their unparalleled influence and success at reshaping the way we live.

Although these companies make their money in different ways, the results served as another reminder of the clout they wield and why government regulators are growing increasingly concerned about whether they have become too powerful.

The massive profits pouring into each company also illustrated why they have a combined market value of $6.4 trillion -- more than double their collective value when the COVID-19 pandemic started 16 months ago.

APPLE

Apple’s first iPhone model capable of connecting to ultrafast 5G wireless networks continued to power major increases in quarterly revenue and profits for tech’s most valuable company.

With iPhone sales posting double-digit growth over the previous year for the third consecutive quarter, Apple’s profit and revenue for the AprilJune period easily exceeded analyst estimates. The Cupertino, California, company earned $21.7 billion, or $1.30 per share, nearly doubling profits earned during the same period last year. Revenue surged 36% to $81.4 billion.

But a Tuesday conference call with analysts, Apple CEO Tim Cook lamented that the steadily spreading delta variant of the coronavirus is casting doubt on how the rest of the year will unfold. “The road to recovery will be a winding one,” Cook said. That uncertainty has already led Apple to delay employees’ mass return to its offices from September to October. Most of Apple’s stores, though, are already open.