Apple, Microsoft, Alphabet report combined profits of more than $50B in the third quarter

The iPhone 12 is shaping up to be Apple’s most popular model in several years, largely because it’s the first to work on the 5G networks. Three tech companies — Apple, Microsoft and Google owner Alphabet — reported combined profits of more than $50 billion in the April-June quarter, underscoring their unparalleled influence and success at reshaping the way we live. With iPhone sales posting double-digit growth over the previous year for the third consecutive quarter, Apple’s profit and revenue for the April-June period easily exceeded analyst estimates. Apple’s services division, the focal point of a high-profile trial revolving around the commissions it collects from iPhone apps, saw revenue climb 33 percent from last year to $17.5 billion. Now that vaccines have allowed people to shed the shackles of the pandemic and splurge again, a big chunk of that pent-up demand has spurred advertisers to spend more too, with a big chunk going to Google and its corporate parent Alphabet Inc. Powered by Google, Alphabet earned $18.53 billion, or $27.26 per share, during the quarter, a nearly threefold increase from last year’s earnings of $6.96 billion, or $10.13 per share.