DESNÉ MASIE: Big Tech earnings reinforce market dominance concerns
Google, Facebook, Amazon and Apple are having a good pandemic. As social distancing and border closures force commerce, retail and socialising online, their market dominance and ubiquity has become further entrenched despite increasing regulatory scrutiny.
Their second-quarter results on Thursday gave Big Tech something to smile about, as revenues for all four firms exceeded analysts’ expectations. The results followed a marathon grilling of their CEOs, Sundar Pichai, Mark Zuckerberg, Jeff Bezos and Tim Cook, by the US Congress on Wednesday about whether their companies are guilty of anticompetitive behaviour and compromising democracy through cannibalising media content, promoting online hate and election rigging.