Elsewhere, Alphabet (NASDAQ: GOOGL) recorded the highest revenue growth at 45%, from $125.6 billion to $182.3 billion. Similarly, Meta (NASDAQ: FB), formerly Facebook, recorded a spike of 45% from $57.9 billion to $84.2 billion. Apple (NASDAQ: AAPL) recorded a revenue growth rate of 39% while Microsoft (NASDAQ: MSFT) had the least rate at 21%. Cumulatively, the companies have recorded $986.5 billion in revenue. Data on the tech companies’ revenues if derived from their quarterly filings.
How tech giants benefited from pandemic
The revenue growth for the companies is derived from their unique role amid the pandemic. The companies’ products offered consumers the means to navigate the health crisis that was characterized by widescale lockdowns. Generally, most of the companies have been on the rise over the last decade, but the pandemic’s uniqueness has given them a boost. Interestingly, it was assumed that the reopening of the economy might potentially eat into the companies’ revenues as more people spend time away from home and their devices. However, the revenues potentially indicate that the firms have successfully laid out innovative plans to build on the gains made amid the health crisis making themselves indispensable parts of work and personal life. Interestingly, the revenue has continued to grow despite the companies facing obstacles in marketing their core products. Over the past year, the global tech industry was hit by supply chain constraints for semiconductors. The shortage delayed the production of computers and phones. For instance, Microsoft had initially indicated that its Surface and Windows products were affected by the constraints.
Concerns about tech companies revenue growth
Worth noting is that the highlighted companies earn revenues in different ways. However, the significant amount recorded has led to criticism of their market influence in the past few years. Consequently, government regulators are expressing concerns about whether they have become too powerful. The debate regarding market monopoly resulted in U.S. president Joe Biden signing an executive order to promote more competition. The order focuses more extensively on reviewing mergers and acquisitions in the tech sector. One of the major concerns is based on data collection. The tech giants are accused of collecting too much personal information, which is used to cripple smaller competitors.
