Sales at Amazon soared 40% in the three months ending June, while Apple saw a surge in purchases of its products. Facebook said that the number of people on its platforms was up by 15%. An exceptional quarter then, that even surprised analysts.
Looking to the future these behemoths are likely to become even stronger, as the Covid-19 pandemic will see more people work, socialise and shop online.
These results were announced as they faced scrutiny over their size and power from US lawmakers. The US Congress queried their dominant position and accused them of undermining competitors and abusing their power.
According to industry watchers Congress was far more aggressive towards these companies than it has been in the past with the result that Cook, Bezos, Zuckerberg and Pichai looked ‘defensive, evasive and shifty’.
Current regulations have nothing to say about the ‘societal’ harms of these companies and many think they’re inadequate for the digital age.
The strength of these companies is obvious, but what is also obvious has been the failure of lawmakers to address concerns as these companies have grown and reached into every aspect of our lives.
This lack of control has led to many undesirable consequences - so could we be about to see regulators finally starting to address the size, power and influence of these giants?
