FT News Briefing Amazon caps big week of tech earnings, Bafin’s Binance probe
Apr 30, 2021
Amazon reports astounding sales, eclipsing $100 billion for the second consecutive quarter, largely fueled by its cloud services. Meanwhile, Apple rides high on the success of its 5G iPhone, hinting at a $3 trillion valuation. In a bold move, the US government plans monthly child allowances to combat child poverty. However, the tech sector faces scrutiny, especially with Binance under investigation by German regulators for its stock token trading practices.
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Amazon's Booming Q1
- Amazon's Q1 profits tripled to $8.1 billion, driven by deliveries, cloud services, and advertising.
- Almost half of operating income came from cloud services, boosted by the work-from-home shift.
Apple's Impressive Growth
- Apple saw double-digit growth in Q1, largely due to iPhone sales in China and the US.
- This success highlights Apple's strong performance despite its large size.
iPhone Drives Apple's Success
- Apple's Q1 sales grew 54%, exceeding other tech giants like Facebook, Microsoft, and Alphabet.
- The new 5G iPhone model, especially popular in China, significantly boosted sales.