Posted October 16, 2018 08:51:18The latest quarterly earnings numbers for major tech companies are showing that some companies are still making a ton of money.
In fact, Apple, Google, Amazon, Facebook, and Microsoft are making more money than they were a year ago, according to Axios.
“We see that in Apple’s stock price, which has risen over $2,500 since last September, and that in Google’s stock market, which is down about 15 percent since the year began, and in Microsoft’s, which we’re seeing the biggest decline in the past six months,” Axios senior technology writer Daniel Schulman said in an interview with CNBC.
Schulman pointed out that the average employee at these companies is making between $55,000 and $70,000 a year, and the average customer at Amazon is making around $1,000.
But even those companies are not making nearly as much money as they were last year.
“Apple has made a lot more money, for example, than it did a year and a half ago,” Schulmen said.
“But it’s not enough to cover its $1.9 trillion annual budget.”
Schulmen added that he expects the average American family will spend less money than it was a year earlier this year, as well.