Apple and Facebook United in Big Profits

Apple and Facebook are feuding about privacy and ad targeting but they had one thing in common on Wednesday: bonanza earnings. Coming in the wake of healthy reports from Alphabet on Tuesday, it’s clear that consumer tech companies are benefiting enormously from the post-pandemic economic recovery.

How often do large companies, particularly one as old as Apple, report a 54% increase in quarterly revenue? (Not often). Apple’s top line reached $89.6 billion, while its net income more than doubled to $23.6 billion. Ditto for Facebook, whose revenue roared 48% to $26.2 billion, nearly doubling its net income to $9.5 billion.