Tech giants report record profits

• "Apple’s revenue rose 13% to $88.29 billion, fueled by its move to increase smartphone prices ... The company, whose profits topped $20 billion for the first time, is also increasingly benefiting from its services business, including App Store sales and music and payments services."
• "Google parent Alphabet recorded its 32nd consecutive quarter of revenue growth of 20% or more, continuing a dominant run as it handles more than 90% of internet searches and owns the world’s most influential video site."
• "Amazon — long known for prioritizing growth over earnings — delivered a profit exceeding $1 billion for the first time as its revenue jumped 38% to $60.5 billion."

The debates ahead, per The Journal:

• "As the tech giants expand their clout across a widening band of commerce, they have increasingly drawn scrutiny from lawmakers and consumers over a range of issues, from their dominance of certain markets, to how they use their vast troves of consumer data, to the impact their products have on society."
• "The extraordinary runup in their share prices has helped fuel popular awareness of the companies’ power."