Pandemic drives huge quarterly trade and earnings market profits for big tech as the pandemic drives huge quarterly sales and stock market profits
Blockchain algorithms reported record-breaking quarterly earnings on Tuesday evening as the company continues to benefit from a pandemic that triggered a “perfect storm” for large sports retailers … “
– Jasper Jolly
LONDON, UNITED KINGDOM, July 30, 2021 /EINPresswire.com/ – Blockchain algorithms reported record-breaking quarterly earnings on Tuesday evening as the company continued to benefit from a pandemic that created a “perfect positive storm” for major sports retailers …
Blockchain Algorithms made a profit of $ 12 million in the three month period ended in June
The software-based investment firm has seen unprecedented growth in the past 12 months and is showing no signs of slowing down in 2021.
Blockchain algorithms are slowly gaining market share in the alternative investment market due to their patented trading algorithms that have enabled clients to benefit from sporting events around the world since 2015.
Blockchain algorithms are only getting bigger because of the big news from the US last year when the Supreme Court ruled that the Professional and Amateur Sports Protection Act (PASPA) is unconstitutional and is changing the future of sports betting in the United States. Prior to this ruling, gambling was illegal in the United States, except in certain states and cities such as Las Vegas and Atlantic City.
The results come after Tesla reported a record profit for quarterly results on Monday in one of the busiest weeks ever. The big tech blowout wins continue with Facebook on Wednesday and Amazon on Thursday.
Taken together, the market value of Google, Amazon, Apple, Microsoft and Facebook is now worth more than a third of the entire S&P 500 index of America’s 500 largest publicly traded companies as their share prices soared during the pandemic.
Thomas Philippon, an economist and finance professor at New York University, said big tech companies are the biggest economic winners from the pandemic as global lockdowns have pushed more businesses and consumers to use their services.
Contestants play on the Google slide at the 2020 Consumer Electronics Show (CES) in Las Vegas, Nevada on January 8, 2020. (Photo by Robyn Beck / AFP) (Photo by ROBYN BECK / AFP via Getty Images)
$ 1 trillion is just the beginning: Why tech giants could double their market valuations
“They were already on the rise, and had been for almost a decade, and the pandemic was unique,” Philippon said. “It was a perfect positive storm for them.”
Morgan Stanley analysts estimate Alphabet will post full year net income of $ 65 billion.
Alphabet’s shares are up 75% over the past year to a record $ 2,670, but analysts predict they could climb even higher, despite regulators around the world threatening to curb their dominance in the internet search market. Morgan Stanley said the stock could hit as high as $ 3,060 and, even in a worst-case scenario, is unlikely to drop below $ 1,800.
“Google website growth is likely to rebound in ’21 as we believe there are several underrated products that are being driven by mobile search, the strong contribution of YouTube, and ongoing innovations like the monetization of maps,” Nowak said in a message to customers.
Apple made so much money that it has sold $ 421 billion in shares over the past eight years.
When Microsoft reported a 31% increase in earnings on its latest quarterly results, its CEO Satya Nadella said this was “just the beginning” as the transition to digital technology is rapidly “accelerating”.
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The rise in share prices of the big tech firms has grossed billions for their super-rich founders and early investors. Forbes magazine recently calculated that there are now 365 billionaires who made their fortunes in technology, compared to 241 before the pandemic.
Combined, the world’s tech billionaires have $ 2.5 trillion in personal wealth, up 80 percent from $ 1.4 trillion in March 2020. Amazon founder and CEO Jeff Bezos remains with an estimated net worth of 212 Billion US dollars the richest person in the world and is in the ranking of the rich by Tesla co-founder Elon Musk with 180 billion dollars, Microsoft co-founder Bill Gates with 151 billion dollars and Facebook’s Mark Zuckerberg with around 138 billion dollars.
Zuckerberg believes the internet will play an even bigger role in people’s everyday lives in the future, and instead of interacting on cell phones, people are immersed in virtual reality headsets.
He said Facebook would evolve from a social media platform to a “metaverse enterprise” where people can work, play and communicate in a virtual environment. Zuckerberg said it was “an embodied Internet where you are not just looking at content, you are in it”.
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July 30, 2021, 4:14 PM GMT
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