Two points:
Apple, Alphabet, and Microsoft had yet another blow-out quarter, as expected. Google parent company Alphabet managed to more than double its net income year over year, thanks primarily to YouTube’s online advertising sales. Apple TV and Apple Music helped lift the iPhone giant to 93% higher quarterly profits, though CFO Luca Maestri dashed hopes for that high level of growth to continue next quarter. And while Microsoft took a hit in its Xbox gaming subscription business, its profits still climbed 47% from the same period of 2020. All told, Apple, Alphabet, and Microsoft posted combined quarterly profits of $57 billion. (Fortune newsletter)
Mark Zuckerberg’s social media behemoth, Facebook, got in on the fun as well Wednesday. Facebook’s Q2 EPS of $3.61 and revenue of $29.1 billion handily beat analyst expectations; however, the company did warn of slowing growth: “In the third and fourth quarters of 2021, we expect year-over-year total revenue growth rates to decelerate significantly on a sequential basis as we lap periods of increasingly strong growth.” Facebook shares fell by as much as 5% after the close Wednesday. (Fortune newsletter)
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Those are how the American big tech companies are performing. They are capturing massive value and returning the glory to America. Left and right, there is no sector in the world today that can deliver this type of numbers. I think it is high time Nigeria works harder on its technology policy by seeding a strong regime of entrepreneurial capitalism. We certainly need to capture value, at least in Africa.
Meanwhile, there is a new feature in Twitter called Shop Module: “The Shop Module is a dedicated space at the top of a profile where businesses can showcase their products. When people visit a profile with the Shop Module enabled, they can scroll through the carousel of products and tap through on a single product to learn more and purchase — seamlessly in an in-app browser, without having to leave Twitter.”
Joining fellow social media giants like Instagram and Facebook in the shopping business is none other than Twitter. The company has started testing a new feature on its iOS app in the U.S. where a small group of participating businesses — including Arden Cove and GameStop — can feature products for sale near the top of their profiles. This marks the latest step from Twitter to monetize its platform, having recently rolled out Tip Jar and the long-awaited premium subscription service Twitter Blue.
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