Apple, while seeing a fall in smartphone sales, saw record sales in services and a record quarter for wearables, while Microsoft reported profits ahead 22 percent, suggesting that the pandemic has had minimal impact on company revenues. Qualcomm and ams also reported strong quarters.
Segments that continue to perform well include business processes and intelligent cloud services, which have gained significantly from more companies encouraging staff to work from home and a surge in services supporting video conferencing and the like.
Amazon, Alphabet and Microsoft have certainly seen a strong performance from their cloud divisions but have warned that in some key vertical markets such as hospitality, aviation, construction, tourism and manufacturing projects are being scaled down or delayed.
Despite a strong performance cloud providers are saying that deals are taking longer to close and the market is facing growing volatility.
However, while many businesses are struggling in the face of falling customer demand, some of the world’s leading tech companies are reporting a limited impact from this global health crisis, and could emerge even stronger once it ends.
