Silicon Valley giants including Apple, Google and Microsoft are making enormous profits amounting to more than $1,000 per second, new data reveals.
Apple is one of the most profitable businesses, generating over $152 billion per day, which equates to $1,752 every single second.
Fintech firm Tipalti created a landing page with a real-time counter showing how profitable these companies, along with several big banks, have been since the time the page loaded.
The list is sourced from the 2020 Fortune 500 and represent some of the best-known firms on it, but not necessarily the most profitable.
As Tipalti notes for added context, the average weekly wage stands at $1,237, meaning the typical US worker does not earn the same amount for a week of work that the California-based company earns in one second.
Apple’s profits for the second quarter break down in the following way: 53.5% iPhones, 10.1% Macs, 8.7% each for iPads and wearables/accessories and 18.8% for services.
In one day, the iPhone maker earns a staggering $151,386,301 in profit.
The US median family income is $79,900 – meaning that family would have to work for about 1,895 years in order to earn as much as Apple does in one day.
Microsoft and Alphabet – the parent company of Google – also rake in more than $1,000 each second – the firm founded by Bill Gates makes about $150 more – working out to the eye-popping figure of $100 million a day.
Alphabet rounds out the top three of the list. The parent company of Google earns most of its income by monetizing a vast trove of data. Google CEO Sundar Pichai is seen above at the CEO Summit of the Americas in Los Angeles in June 2022
For Microsoft, cloud computing, personal computing and business productivity each account for roughly one-third of its profit.
At Alphabet, the parent company of Google, over 90% of profits come from advertising and things like Android, Chrome, Google Maps and YouTube.
Taken together, the technology sector accounted for about $10,931 in profits per minutes in 2020.
The only industry that made more money is food and beverages, taking in $13,914 each minute.
In that sector, Coco-Cola did well, making $16,969 per minute.
Other tech mainstays on the list included HP, Nvidia, Netflix, eBay, Tesla and Uber.