U.S Tech Firms Having Great Quarters
This is simply amazing - the U.S. tech giants are celebrating July Christmas. Yes, all of them are rocking growth in currency and user base. From Fortune newsletter:
Given how much ink and/or pixels we’ve spilled on the story of the “tech-lash” and all the regulatory problems ahead, it’s worth noting that the core businesses of the largest companies are still chugging ahead. In an economy where the U.S. gross domestic product is growing at about 2%, Snap’s revenue grew 48%, Facebook’s grew 28%, and Google’s increased 19%. Even “disappointing” Amazon boosted its sales 19%. And it’s all been pretty well anticipated on Wall Street, as these same companies have (mostly) been among the best performers on the stock market as well. As of yesterday’s close, Snap’s share price was up 221%, Facebook’s 53%, and Amazon’s 31%. Google was lagging with only a 9% gain, but it’s up another 8% in premarket trading this morning.
The momentum is digital, regulation or not, the winners will be the best executors across sectors like e-commerce, entertainment and more.