REVEALED: Apple makes $1,700 in profit per SECOND with Google and Microsoft raking in $1,000 as tech firms dominate list of biggest earners, new data shows
- Tech giants are raking in more profit per second than the median weekly worker’s earnings in the United States
- A new study by fintech software company Tipalti revealed that Apple made more than $1,700 in profit per second in 2020, followed by Alphabet and Microsoft
- The overall average of tech companies profited to the tune of $182 per second
- Rounding out the top ten were Bank of America, Wells Fargo, Facebook, Walmart, AT&T, Comcast and Amazon
Silicon Valley giants including Apple, Google and Microsoft are making enormous profits amounting to more than $1,000 per second, new data reveals.
Apple is one of the most profitable businesses, generating over $152 billion per day, which equates to $1,752 every single second.
Fintech firm Tipalti created a landing page with a real-time counter showing how profitable these companies, along with several big banks, have been since the time the page loaded.
The list is sourced from the 2020 Fortune 500 and represent some of the best-known firms on it, but not necessarily the most profitable.
Silicon Valley giants are awash in profits. Companies like Apple, Alphabet and Microsoft are making more than $1,000 per second. That works out, in many cases, to more money than the typical American worker earns in one week. The rest of the most profitable companies include finance, tech, retail, telecommunications and media
As Tipalti notes for added context, the average weekly wage stands at $1,237, meaning the typical US worker does not earn the same amount for a week of work that the California-based company earns in one second.
Apple’s profits for the second quarter break down in the following way: 53.5% iPhones, 10.1% Macs, 8.7% each for iPads and wearables/accessories and 18.8% for services.
In one day, the iPhone maker earns a staggering $151,386,301 in profit.
The US median family income is $79,900 – meaning that family would have to work for about 1,895 years in order to earn as much as Apple does in one day.
Microsoft and Alphabet – the parent company of Google – also rake in more than $1,000 each second – the firm founded by Bill Gates makes about $150 more – working out to the eye-popping figure of $100 million a day.
Cupertino-based Apple tops Tipalti’s list of the most profitable organizations. Its mixture of software and hardware is enough to generate more than $151 million in profit per day. CEO Tim Cook, seen after a keynote presentation in June 2022, has presided over massive growth at the company since he took over the reins from Steve Jobs in August 2011
Alphabet rounds out the top three of the list. The parent company of Google earns most of its income by monetizing a vast trove of data. Google CEO Sundar Pichai is seen above at the CEO Summit of the Americas in Los Angeles in June 2022
For Microsoft, cloud computing, personal computing and business productivity each account for roughly one-third of its profit.
At Alphabet, the parent company of Google, over 90% of profits come from advertising and things like Android, Chrome, Google Maps and YouTube.
Taken together, the technology sector accounted for about $10,931 in profits per minutes in 2020.
The only industry that made more money is food and beverages, taking in $13,914 each minute.
In that sector, Coco-Cola did well, making $16,969 per minute.
Other tech mainstays on the list included HP, Nvidia, Netflix, eBay, Tesla and Uber.
THE TRILLION DOLLAR RISE OF APPLE
The company’s journey to the summit of the technology industry has been a rocky one, having seen Jobs (pictured right in 1976) leave the firm in the mid-1980s after his pet project, the first Macintosh computer, struggled and he attempted to oust then chief executive John Sculley. Wozniak is pictured left
1976: Founders Steve Jobs, Steve Wozniak and Ronald Wayne created the company on April 1 1976 as they set about selling computer kits to hobbyists, each of which was built by Wozniak.
The first product was the Apple I.
1977: Apple released the Apple II in June, which was the first PC made for the mass market.
1981: Jobs became chairman.
1984: The Macintosh was introduced during an ad break for the Super Bowl and later officially unveiled during a launch event. It was discontinued a year later and Jobs left the firm.
1987: Apple released the Macintosh II, the first colour Mac.
1997: Apple announces it will acquire NeXT software in a $400 million deal that involves Jobs returning to Apple as interim CEO. He officially took the role in 2000.
2001: Apple introduced iTunes, OS X and the first-generation iPod.
The first iPod MP3 music player was released on October 23, 2001, at an event in Cupertino and was able to hold up to 1,000 songs.
Steve Jobs unveils Apple Computer Corporation’s new Macintosh February 6, 1984 in California.
The then Chief Executive Officer of Apple, Steve Jobs, with the iPhone
2007: Apple unveils the iPhone.
2010: The first iPad was unveiled.
2011: Jobs resigned in 2011 due to illness, handing the CEO title to Tim Cook. Job died in October from pancreatic cancer.
2014: Apple unveiled the Apple Watch. It also unveiled its first larger iPhones – the 6 and 6 Plus.
2015: After purchasing Beats from Dr Dre, Apple launched Apple Music to compete with Spotify and other music streaming services.
Apple CEO Steve Jobs speaks at an Apple event at Apple headquarters in Cupertino, Calif.
2016: Apple returned to its roots and announced the 4-inch iPhone SE. Meanwhile, the firm is embroiled in a legal battle with the FBI, involving the agency demanding access to the locked phone used by Syed Farook, who died in a shootout after carrying out a deadly December attack in San Bernardino, California with his wife. The court order was dropped on March 28 after the FBI said a third party was able to unlock the device.
2017: Apple introduces the iPhone X, which removes the home button to make way for a futuristic edge-to-edge screen design and a new FaceID system that uses advanced sensors and lasers to unlock phones with just the owner’s face.
2018: In a first for the company, Apple introduces new features in its latest operating system, iOS 12, that encourage users to manage and spend less time on their devices. The move was spawned by a strongly worded letter from shareholders that urged the firm to address the growing problem of smartphone addiction among kids and teenagers.
2019: In January, Apple reports its first decline in revenues and profits in a decade. CEO Tim Cook partly blamed steep declines in revenue from China.
2020: In March, Apple closes all its bricks and mortar retail stores outside of China in response to coronavirus.
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