Thanks to the coronavirus lockdowns, normal people are losing money while big tech companies and billionaires are increasing their wealth.
It’s almost as though this was on purpose, no?
But it’s not. It’s pure coincidence.
Alphabet kicked off a big week for tech earnings as the industry starts to look ahead to a post-pandemic economy by reporting a characteristically strong start to 2021.
Google’s parent company reported revenues of $55.3 billion for the first three months of the year — a 34% jump from the same period last year — and made close to $18 billion in profit, comfortably blowing past analyst estimates. It also announced a $50 billion stock buyback.
The company’s stock jumped nearly 4% in after-hours trading on Tuesday.
“Over the last year, people have turned to Google (GOOG) Search and many online services to stay informed, connected and entertained,” Google and Alphabet CEO Sundar Pichai said in a statement Wednesday.
Google’s cloud business, which the company has increasingly leaned on to diversify from its core advertising revenue, trimmed its losses to $974 million from $1.7 billion in the same quarter last year. Revenue from cloud increased 46% year over year, to $4 billion.
Google’s cloud business is not doing well at all, and they are getting destroyed by Amazon. Google is even getting beat by Amazon, and has not increased hardly any of its market share, even as smaller cloud providers disappear.
Despite huge money poured into the project, Google can’t crack 10%.
But they’re still reporting huge returns. Because all money is flowing up in this new trickle-up economy created by the virus hoax.
The Russian-Jew Google cofounders are now worth more than $100 billion each, because the Virus Providence favored them.