The findings were gleaned from market capitalization data between March 13, when President Donald Trump initially declared a national emergency, and May 13, when deaths in America tied to the respiratory illness teetered at 85,000.
Here’s a run-down of the market capitalization statistics (via YCharts):
Apple
Market Cap March 13: 1.216T Market Cap May 13: 1.333T Difference: 117 billion % + 9.6 percent
Market Cap March 13: 888.67B Market Cap May 13: 1.181T Difference: 292 billion % + 32.8 percent
Market Cap March 13: 485.37B Market Cap May 13: 584.35B Difference: 98.98B % + 20.3 percent
Alphabet
Market Cap March 13: 838.30B Market Cap May 13: 921.08B Difference: 82.78B % + 9.8 percent
Microsoft
Market Cap March 13: 1.208T Market Cap May 13: 1.363T Difference: 155B % + 12.8 percent
Netflix
Market Cap March 13: 147.57B Market Cap May 13: 192.75B Difference: 45.18M % + 30.6 percent
On social media this week, the conversation about technology industry wealth during a time of unprecedented economic crisis has surged.
The speculation mounted as Recode reported his retail giant, whose employees have worked throughout the pandemic, was ending double overtime pay after May.
“Bezos is expected to become the 1st trillionaire as he consolidates the retail market during coronavirus,” New Jersey Rep. Bonnie Coleman tweeted this week.
“We encourage anyone… to compare our overall pay and benefits, as well as our speed in managing this crisis, to other retailers and major employers across the country.”
A company statement continued: “It’s surprising that Reps. Dingell and Tlaib are calling for measures already in place–something we’ve explained to them in great detail on two separate occasions. We invite them to visit any one of our fulfillment centers so they can see firsthand rather than repeatedly asking the same questions.”
On its blog, the retailer has repeatedly said that its top concern is ensuring the health and safety of its employees. It said it expects to invest approximately $4 billion from April to June on COVID-related initiatives, including for safety measures.
But a surge in some market capitalization provides a snapshot of the industry, and does not mean all tech firms will emerge from the outbreak unscathed.
MarketWatch reported on May 1 that Apple declined to give a forecast for the current quarter due to the virus, despite posting quarterly revenue of $58.3 billion.
In its most recent earnings, Facebook conceded it had seen a “significant reduction” in advertising demand, despite “increased engagement” from users.
“We expect our performance will be impacted by issues beyond our control, including the duration and efficacy of shelter-in-place orders, the effectiveness of economic stimuli around the world, and the fluctuations of currencies,” its release said.
Alphabet confirmed on April 28 revenues were up 13 percent versus last year ($41.2 billion) but also said it experienced a “significant slowdown in ad revenues” in March.
Around the same time Microsoft revealed its revenues increased by 15 percent ($35 billion) and said COVID-19 had a “minimal net impact” on its balance sheet.
It remains unknown how the variety of tech firms will fare in a post-COVID-19 reality—but sudden blasts of economic damage have already been felt by many.
Some business models resulted in almost instantaneous casualties, such as Uber, Lyft and Airbnb, while others, including GrubHub, Postmates or Doordash, experienced a swift boom. The word Zoom, previously niche, is now a household name.
Chair of the Federal Reserve, Jerome Powell, said in a speech at the Peterson Institute for International Economics yesterday that the COVID-19 crisis has left a “devastating human and economic toll in its wake as it has spread around the globe.”
“The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II,” he said. “We are seeing a severe decline in economic activity… and the job gains of the past decade have been erased.”
The Bureau of Labor Statistics agency said last Friday U.S. employment fell sharply in “all major industry sectors,” with particularly heavy losses in leisure and hospitality.
