The American Tech Roars
Facebook Q1 2021 revenue increased nearly 50% to $26.2 billion, while 5G phone demand and services doubled Apple’s profit to $26.3 billion, with record $89.6 billion revenue.
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The company attributed its massive revenue growth to a 30% increase in the average price per ad, as well as a 12% increase in number of ads shown.
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Apple’s fiscal second-quarter results set new highs in what could be a record-setting year for profit and revenue. Analysts predict full-year profit will exceed $70 billion, nearly a third more than last year.
The Cupertino, Calif. company reported a profit of $23.6 billion in the latest quarter as revenue rose 54% to $89.6 billion, far exceeding Wall Street expectations. The company also announced a 7% increase to its cash dividend to 22 cents a share and that the board had authorized an increase of $90 billion to an existing share-repurchase program.