Big Tech’s Money-Making Machine Plows Ahead Amid Turmoil

Revenue tops estimates for the top five despite news headlines
Regulatory risks, trade war isn’t enough to dent confidence

PARIS, FRANCE - MAY 31: In this photo illustration, logos of the Google, Apple, Facebook, and Amazon applications (GAFA) are displayed on the screen of an Apple iPhone on May 31, 2018 in Paris, France. The acronym GAFA refers to the four most powerful companies in the world of the internet: Google, Apple, Facebook and Amazon. The European Union has decided to better tax the giants of the internet with Brussels proposing to tax 3% of income generated by the data of users of Internet companies. This new tax would bring in 5 billion euros a year in the European Union. (Photo by Chesnot/Getty Images)Photographer: Chesnot/Getty Images Europe

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By Gerrit De Vynck and Ian King

November 2, 2019 at 11:00 AM UTC

This article is for subscribers only.

After a year of tough headlines, the world’s biggest technology companies showed this week that they’re powering through, continuing to rake in cash and invest in future growth as demand for their goods and services shows little sign of slacking.

Amazon.com Inc., Apple Inc., Microsoft Corp., Alphabet Inc. and Facebook Inc. all showed increases in revenue beyond what analysts’ had expected in the third quarter. Facebook, one of the most maligned tech companies this year, added 36 million new daily active users around the world and posted its biggest increase in sales in more than a year. Apple, which sagged a bit in August amid concern the latest iPhones would underwhelm, wound up selling more than analysts’ expected and showed a surge in interest for its wearable gadgets and services.