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Illustration: Aïda Amer/Axios

Big Tech crushed earnings this past quarter, proving the resilience of their businesses even as the country begins to emerge from the pandemic.

The big picture: A strong recovery in the advertising market and continued reliance on cloud services and at-home entertainment have given most tech firms a boost.

Details: Despite a few cautious forecasts, the sector shows no sign of slowing down.

  • Facebook's stock hit an all-time high Wednesday after reporting a whopping 48% revenue growth year-over-year.
  • Apple's earnings report blew past Wall Street estimates, as sales of the iPhone, Mac and iPad all came in far ahead of expectations.
  • Amazon blew past analyst expectations for both earnings and revenue on Thursday, as sales surged 44% year-over-year.
  • Microsoft crushed Wall Street expectations and posted its highest revenue growth since 2018.
  • Google's parent company, Alphabet, reported a record profit last quarter. Its video arm, YouTube, brought in a whopping $6 billion in revenue last quarter, more than Snapchat, Linkedin and Pinterest combined.
  • Snapchat beat Wall Street expectations on subscriber growth, earnings and revenue, while also reporting that usage of its AR products hit an all-time high.

Yes, but: Some analysts have warned that the momentum behind these companies could slow down, given the fact that it will be nearly impossible to match the comps from record-high numbers driven by the height of lockdowns last year.

  • Twitter, Netflix, and Pinterest shares dropped amid subscriber slowdowns. Twitter reported weak guidance moving forward.

Bottom line: The pandemic has helped solidify the dominance of Big Tech other sectors, like traditional media and retail.

Go deeper

Uber beats Q2 expectations and turns a rare profit

Illustration: Lazaro Gamio/Axios

Uber posted an unexpected profit for the second quarter, and beat analyst expectations with revenue of $3.9 billion and earnings per share of $0.58.

Why it matters: Uber benefited from unrealized gains of $1.4 billion and $471 million from its stakes in Didi and Aurora, respectively—just two of the ride-hailing company's portfolio of such investments.

New York Times subscriptions continue to trend toward non-news products

Photo by Thomas Trutschel/Photothek via Getty Images

The New York Times on Wednesday said it added 142,000 paid digital-only subscriptions last quarter, 65,000 of which were for its non-core news products, like cooking, games and audio.

Why it matters: It's the highest percentage of non-core news subscriptions that The Times has added in its history. The Gray Lady has leaned more heavily into non-news products in recent years to offset news cycle turbulence.

Aug 5, 2021 - Health

The pandemic is now a "negative" for CVS

Expand chart
Data: Company filings; Chart: Axios Visuals

For every premium dollar that CVS Health's insurance arm, Aetna, collected in the second quarter, it paid a little more than 84 cents to medical providers — a "medical loss ratio" that was a lot higher than Wall Street expected.

The big picture: Health insurers were the main beneficiaries of the pandemic last year, as the widespread delay of doctor visits and procedures greatly offset what they had to pay for COVID-19 hospitalizations.

Now that routine care is back, and COVID-19 hospitalizations are on the rise again, CVS executives said the pandemic is a "modest negative" for the rest of 2021.