The Pandemic Isn’t Fueling Tech

With the 1Q21 earnings season coming to a close, we have a good view of how the world’s largest companies performed during the first three months of 2021. Impressive would be the word. Consider the following year-over-year revenue growth figures:
  • Apple: 53%
  • Facebook: 48%
  • Amazon: 44%
  • Alphabet: 34%
  • Microsoft: 19%
There are the usual caveats associated with revenue recognition. In addition, each of the preceding companies have unique margin and capex profiles…
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