Big Tech companies reported mixed quarterly earnings on Thursday, a day after their top executives faced a tough congressional grilling over their market power and alleged monopolistic practices.
The staggering economic fallout caused by the coronavirus pandemic was reflected in reports from
Alphabet, Google’s holding company, reported its first-ever drop in quarterly revenue compared to the prior year. Although it was only a 2% decline, it was a telling sign of a downturn in the digital ad market while also serving as a reminder that the economy is struggling even more than it did more than a decade ago during the Great Recession (Google’’s low point during that time came during the second quarter of 2009 when its revenue edged up by just 3%. Alphabet’s profit for its most recent quarter plunged 30% to
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