$290 billion in net income from $1.6 trillion in revenue: These are GAMAM 5’s results for the past year (twelve months ending September 30, 2023). America’s biggest tech companies have managed to bounce back, especially after falling profits and sales in the second half of 2022, in part due to massive restructurings that caused tens of thousands of job losses. Still, it was unable to replicate the explosion in profitability caused by the pandemic and when many people turned to online services out of necessity, with revenue up but net profit down from a year ago.
To make these totals more relatable, we have broken down the profits into shorter time scales, i.e. net profits per second. Based on Apple’s net income from October 2022 to September 2023, the company earned $3,074 per second during this period. Next are Microsoft and Alphabet, generating profits of $2,443 and $2,115 per second, respectively, followed by Meta ($942) and Amazon ($636).
These numbers look even more extreme when compared to the median income of Americans. According to 2022 U.S. Census Bureau data, the median household income was approximately $75,000, a decrease of 2.3% compared to 2021. This means it will take him less than 30 minutes for Apple to make his year’s worth of money available to the public. The average household in the United States.
