Facebook, Apple see profits boom from home-stay consumers

Apple and Facebook delivered stunning gains in profits and revenues in the past quarter, in the latest sign Big Tech is delivering for pandemic-hit consumers globally.

Blowout quarterly results from the two Silicon Valley giants highlighted how consumers relied on social media, digital services and gadgetry as they hunkered down for the global health crisis.

Apple said profit in the holiday period rose 29% from a year ago to 29 billion dollars, while revenues grew 21% to 111 billion dollars, with international sales accounting for nearly two-thirds of sales.

For the first time, sales topped the 100 billion-dollar mark as Apple won over pandemic-hit consumers with solid gains in sales of iPhones, wearables and digital content.

Facebook, saw its global user base increase in a world roiled by the coronavirus. It reported profit of 11 billion dollars on revenue of 28 billion dollars, increases of 53% and 33% when compared with the same period the prior year.

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