In the pandemic economy, tech companies are raking it in

[KrisAlex18]

For sure tech companies would rake it because people right thid pandemic are tend to stay indoors so there is no doubt that people will make use of their devices to keep themselves safe and that is how the tech companies like YouTube, Facebook and other social media platforms are still earning even with the presence of the pandemic is still on. That was really not surprising already because we are already into the modernization wherein people are most likely to be using modern technology to accompany them on daily life situation. It just so happen that tech companies benefitted the situation because people are finding for something that will make them busy this pandemic which is obviously related to technology since everyone is not allowed to go outside.

No one wanted this pandemic and that's for sure so even the tech companies are raking it because of the situation, still it it undeniable that the pandemic brought negative effects on people and economy of different countries. It just so happen that the negative situation brings a lot more opportunities to the businesses related to technology this pandemic because it is the safest and most possible thing to be done.

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[Botnake]

Tech are winning, as the other industries suffers from the effect of the covid-19, they are making profit as people now turns online either for entertainment or financial transaction. I believe the world will be back to normal but this situation has become a blessing in disguise to introduce the tech companies to people, and, also I believe crypto was also introduced as it's been bullish though the economy is pretty much banged up.

[bits4books]

Surprisingly, companies that create entertainment products or devices get more money when everyone is sitting at home! It's just not clear how it happened!
But seriously , what did you expect? Everyone is sitting at home and watching YouTube, flipping through FB/Twitter, constantly watching something on streaming services, playing games, buying new equipment for complacency and just waiting. It is quite an ideal environment for stable or even increased profits for the it sector. I don't understand your surprise in this case.

[ChiBitCTy]

To be fair these companies would be killing either way. Amazon, google, microsoft... these companies basically run the planet and especially companies like Amazon who have their hands in every sort of business you can imagine these days... certainly none of this is surprising.  We shall see how they hold up as more and more people continue to lose their homes/jobs etc.

[abhiseshakana]

To be fair these companies would be killing either way. Amazon, google, microsoft... these companies basically run the planet and especially companies like Amazon who have their hands in every sort of business you can imagine these days... certainly none of this is surprising.  We shall see how they hold up as more and more people continue to lose their homes/jobs etc.

In the end, we cannot blame anyone because basically technological progress has positive and negative impacts on human life. The world has entered the digital era with a change in the direction of automation which started the industrial revolution 4.0. The development of automation innovations such as robots, artificial intelligence, and genetic modification succeeded in creating a different world than before. Technology has a vital role in the economic development of a country, the rapid transformation of technology can affect and improve economic performance through productivity, efficiency, and innovation which are characteristics of the technology itself.

Our choice is just to adapt and we as individuals and governments should have made preparations to welcome changes in the world. Pandemic only accelerates the process.

[adzino]

Yeah, not surprising at all. People from most of the countries are stuck at home. They have nothing to do other than be "online". Those working from home are dependent on google meet, zoom, discord and other online services. Look at how quickly facebook for themselves the "room" feature. They know people will want to use it!
No more going to theaters, but spend more time watching videos at home through youtube, amazon prime or Netflix. The tech companies are raking it and since people started to like the services and got used to it, the companies will keep on raking even after this pandemic is over.

[Alert31]

Very interesting to find out that these tech companies are making huge money in this pandemic, but not totally surprising though.

Despite a massive decline in advertising spending, YouTube revenue rose to $3.8 billion this year from $3.6 billion last year. Facebook’s business is largely ad-based as well — and its revenue also rose to $18.7 billion as its users doomscrolled their way through the pandemic, even though several companies publicly boycotted the platform.

Meanwhile, Amazon doubled its profit as more people ordered delivery to their homes: $5.2 billion this quarter, from $2.6 billion last year. And Apple, which had many of its stores closed for chunks of the quarter, still made $11.25 billion in profit as people bought devices to entertain themselves.

https://www.theverge.com/2020/7/30/21348652/pandemic-earnings-antitrust-google-facebook-apple-amazon

While the US economy is on the looming recession, those giant tech are the one who gets the most benefit out of the pandemic, regardless if there is a House Judiciary Committee’s investigation into the market power of Amazon, Apple, Facebook and Google and the net effect is the tech antitrust hearing was good, actually.

Those are the biggest companies that cannot easily decline just because of pandemic. Yes,many are affected but of course everyone is still trying to do something to continue living,the same with companies, they will find a way to get more stronger and productive. Also people now are more focus online that's why that four online companies will increase the ratings and revenue.

[mezzaluna]

Very interesting to find out that these tech companies are making huge money in this pandemic, but not totally surprising though.

Despite a massive decline in advertising spending, YouTube revenue rose to $3.8 billion this year from $3.6 billion last year. Facebook’s business is largely ad-based as well — and its revenue also rose to $18.7 billion as its users doomscrolled their way through the pandemic, even though several companies publicly boycotted the platform.

Meanwhile, Amazon doubled its profit as more people ordered delivery to their homes: $5.2 billion this quarter, from $2.6 billion last year. And Apple, which had many of its stores closed for chunks of the quarter, still made $11.25 billion in profit as people bought devices to entertain themselves.

https://www.theverge.com/2020/7/30/21348652/pandemic-earnings-antitrust-google-facebook-apple-amazon

While the US economy is on the looming recession, those giant tech are the one who gets the most benefit out of the pandemic, regardless if there is a House Judiciary Committee’s investigation into the market power of Amazon, Apple, Facebook and Google and the net effect is the tech antitrust hearing was good, actually.

That is really interesting because even in Third world countries, job hiring is still possible within these kind of companies. Technology inclined companies that can render their services through the Internet is a big game changer because it makes it possible for their employees to not go jobless even in this time of pandemic. Apple products are still being sold and I guess it would really boosts their profit since everybody is stuck at home.

[MainIbem]

Regardless of the pandemic, I think the big four are bound to make money in billions anyways. And just that in this situation, there profit are more pronounced because almost all industries are suffering. But since their target is a close niche market there are really going to get the most benefit.

Like Zoom for instance, a enterprise video product, and as more people started to embrace the "new norm' but doing work from home, obviously, this kind of cloud base conferencing will be one of the hottest commodities. Same as online ordering, helping bridge the gap from food to anything that you needed can be purchase online now. And then people on Youtube and Facebook and Google all the time so this is no surprising.

I was to add zoom to the list then I noticed you have done that. And all others have enhanced their video conferencing to accommodate more users at a time. Facebook, Google, WhatsApp etc, all want a piece of the pie in this new norm. There says an African proverb, one man meat is another's poison.. While people are loosing jobs and revenues, these guys are smiling to the bank.

[tbterryboy]

I don’t think this should be a surprise to anyone. When the pandemic started a lot of people on quarantine had to face social media to keep themselves happy, lots of people went on Tiktok, Instagram, Facebook, YouTube and lots of them and we’re consuming contents. And apart from that, I think there were some Businesses who saw that as an opportunity to start advertising their products, so these tech Businesses were sure going to make lots of money at this time. As for Amazon, a lot of shifted to making their orders online to avoid going out of their house. So, this is not a surprise to me at all.

[jostorres]

Lol so damn true! ,
So, someone said that software engineers are going hungry and I was laughing hard.
These are the people that are seriously cashing out despite other skills suffering hard at this time.

Check online, most other jobs are not what you can be doing remotely, but software can mostly be done no matter where you are, companies can hire a software engineer and just in his house he can develop and launch a website, a mobile application, and even continue to work online.

So, everything that has to do with tech has progressing, including social media, they are making huge money.

[Mauser]

I don’t think this should be a surprise to anyone. When the pandemic started a lot of people on quarantine had to face social media to keep themselves happy, lots of people went on Tiktok, Instagram, Facebook, YouTube and lots of them and we’re consuming contents. And apart from that, I think there were some Businesses who saw that as an opportunity to start advertising their products, so these tech Businesses were sure going to make lots of money at this time. As for Amazon, a lot of shifted to making their orders online to avoid going out of their house. So, this is not a surprise to me at all.

I agree, the corona pandemic just accelerated the change of how we are living. Already in the last decade tech companies became the most valuable companies. Life becomes so much easier at home when you can do everything online. The future will just keep moving more and more things online. Now Amazon is even getting into food deliveries and will eventually make the supermarkets obsolete.

[MCobian]

I think because of the corona virus almost all countries quarantine, so most people are forced to be at home. This is the reason why
tech companies have made so much money in this situation, so I'm not surprised by the companylike Youtube, Facebook, Amazon and
Apple increased their profits. Because people need entertainment when at home, so platforms digitally accessible and buying goods
online is becoming more popular nowadays. It's interesting that not all are affected negative effects of corona virus.

[shoreno]

I think because of the corona virus almost all countries quarantine, so most people are forced to be at home. This is the reason why
tech companies have made so much money in this situation, so I'm not surprised by the companylike Youtube, Facebook, Amazon and
Apple increased their profits. Because people need entertainment when at home, so platforms digitally accessible and buying goods
online is becoming more popular nowadays. It's interesting that not all are affected negative effects of corona virus.

i thought that effects of the virus will stop people but i was wrong and this thread is a proof . i was thinking outside the box like how can online shopping work when there are still lockdown/quarantines  , how can people get a money to buy such gadgets when jobs are closing , and why endorsers contiue to advertise online when people hardly have a cash  , etc.. stuff like that .  i think that was only on the beginning but they adjusted it now in order for our lives to continue 

[bitgolden]

The reason why people still have money is the fact that there is stimulus checks and unemployment benefits and so forth for people who are not working, and rest of them are work from home type of jobs, which means everyone is stuck at home and there are still who are making their salary and working all of those people are still spending money somehow, and they are buying even water online nowadays so obviously it is getting higher and higher.

I personally would have imagined it would be like this, after all people who are stuck at home could only order from online websites and that would make those online websites richer and richer. It is sad that while the whole world is going down the drain one guy named Jeff Bezos could just earn tens of billions in that same period but that is life.

[Oilacris]

When it comes to business sector then this current pandemic situation would really have its Pro's and Con's depending on what sector they do belong.

If they are on essentials like Grocery etc. then they do also had advantage on this current situation.Back in tech companies which is really understandable yet

people are on their own homes which means people do only access via online and do all sorts of things online which simply puts up that these kind of services and online

offers will really be on high demand compared into those normal days. Do these companies wish for this pandemic to last? 

[startselect]

It's not surprising. When there's a major change in an environment, some benefit while others lose. In this case the pandemic caused more people to be home, playing video games, using the internet which greatly benefit those companies.

[finaleshot2016]

Obviously, tech-related companies are raking it because they're working digitally especially those IT company that only needs programming. All of those tech-related jobs are benefiting a lot because their service didn't stop, they still do their job and the only difference is they're working at home, the productive rate didn't change at all.

Gaming companies are also making a lot of money, even there's a pandemic, a recent PS4 exclusive hit a lot of sales because people are staying and playing at home.

[hatshepsut93]

I'd say it's a little bit too early to draw conclusions of who benefited from this pandemic and who didn't. There are some obvious winners like Zoom, but as for Youtube and Facebook, they were actually doing quite well even before the pandemic, and the gains that you describe aren't too big. It's totally possible that if a wide economic recession will hit soon, those companies will take a hit too. And it will be a net negative to them.

[perfect999]

Well, since people have nothing else to do, they will just be on social media doing whatever they can to keep themselves busy and have fun and also be able to communicate with their friends and all that.

A lot of tech billionaires has been cashing out like really big, although it’s nothing much of surprise to me, cause I knew that was going to happen when people started staying at home and getting bored. Just recently Instagram released Reels, a Tiktok lookalike as people would call it, and Mark has been cashing out real big as he has joined the club of Centibillionaires lol.