In a startup world, tech giants grab headlines, cash
BUSINESS RECORD STAFF Oct 23, 2015 | 8:07 pm
1 min read time
174 wordsAll Latest News, Innovation and EntrepreneurshipSome of the most attention-grabbing players in the tech world are old standbys making new plans, CNNMoney reports.
Google, Amazon.com Inc. and Facebook Inc. shares are all trading at record levels, and Microsoft Corp. is at a 15-year high. If Apple Inc. announces better-than-expected iPhone sales next week, it’s within striking distance of its all-time high as well.
The smart money is supposed to be in the Ubers, SpaceX’s and Xiaomis of the world. Yet Big Tech is showing off some startup-like growth and making some big bets on innovative ideas.
For example, Amazon’s sales grew 23 percent last quarter, and it swung to a surprise profit for the second-straight quarter. The company’s big bets are resulting in huge dividends this year. Amazon’s Black-Friday-like Prime Day in July was a big success, single-handedly lifting the company’s growth rate 2 percent. Its cloud business is growing so fast that Amazon said it could one day overtake its retail operations.
Alphabet Inc., Google’s parent company, saw sales rise 13 percent last quarter, while profits grew 45 percent.
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