Tech giants resist in the face of the coronavirus crisis

The pandemic of the new coronavirus has dealt a severe blow to the world economy. In a situation in which millions of companies are struggling to survive on their revenues, the technology giants have been spared, for the moment, from this crisis. This is one of the conclusions that can be drawn from the results published recently by each of the companies in the GAFAM group (Google, Apple, Facebook, Amazon and Microsoft).

Defying the dire state of the overall economy, three of the world's top five technology companies posted double-digit revenue growth for the nine months of the current year.

Significant numbers in the face of the coronavirus

As the chart below shows, Amazon grew revenue by 35% year-over-year in the first nine months of 2020. While Amazon's success during the coronavirus pandemic seems logical, considering that many people increased online shopping during the confinement, the relative immunity from the crisis shown by Google and Facebook is more of a surprise. After all, the two companies rely heavily on advertising spending, which declined markedly during the coronavirus pandemic. Apple, whose business focuses on the sale of computing devices, thus being the most hardware-focused company of the group, has been the company most affected by the coronavirus pandemic, with a revenue increase of only 4%.