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Big Tech firms delivered robust results Thursday, underscoring growing consumer reliance on giants like Amazon during the pandemic as well as their extraordinary economic power -- the subject of a heated US congressional hearing a day earlier.
The results from Apple, Amazon, Facebook and Google parent Alphabet -- ironically the same firms whose chief executives were in the spotlight at an antitrust hearing in Congress this week -- were largely better than expected.
The reports illustrated the increasing importance of social networks, digital content and connected devices which have been seen as a lifeline to pandemic-hit consumers.
Apple profits rose eight percent to $11.2 billion and revenues were up 11 per cent to $59.7 billion in the three months ending June 27.
The California tech giant saw a modest increase in iPhone sales, with more significant rise for accessories and services such as its apps and digital content.
"In uncertain times, this performance is a testament to the important role our products play in our customers' lives and to Apple's relentless innovation," chief executive Tim Cook said.
Analyst Daniel Ives at Wedbush Securities said the results show momentum for Apple as it readies its new iPhone 12.
"The stage is setting up for a massive pent up iPhone 12 cycle heading into the fall," Ives said in a research note.
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