Online retail giant Amazon is one of the biggest beneficiaries of the coronavirus pandemic due to the high demand for online shopping. Consequently, the company has registered a staggering amount in revenue per minute.
Data acquired and calculated by Finbold indicates that the eCommerce firm generated $837,350 in revenue per minute for Q1 2021, representing a growth of 44.04% from the $582,200 recorded during the same period in 2020.
Among seven selected top tech companies, Apple (NASDAQ: AAPL) recorded the second-highest revenue per minute at $691,200, a drop of 1.96% from Q1 2020s $708,300. Google’s parent company Alphabet revenue per minute stands at $351,850, a 10.86% growth from last year’s $317,600.
As of Q1 2021, Microsoft revenue per minute was $321,840 an increase of 24.32% from $255,400 recorded during a similar period in 2020. Social media platform Facebook revenue per minute grew by 44.99% from Q1 2020s $20,193 to $136,900 for this year’s first quarter.
Elsewhere, electric vehicle manufacturer Tesla’s (NASDAQ: TSLA) revenue was $80,170 as of Q1 2021, to represent a growth of 71.42% from Q1 2020s $46,200. Lastly, streaming giant Netflix’s Q1 2021 revenue per minute was $55,250 a growth of 33.33% from last year’s $44,500.
Digital shift spurs growth in revenue per minutes
The report explains how the seven selected companies benefited from the coronavirus pandemic to record the high revenue per minute.
According to the research report: “The revenue for the companies shows the gains made during the coronavirus pandemic. The health crisis pushed more activities online and these companies were well-positioned to benefit as they sold services people needed. Big tech firms have earned a reputation of being in the right place at the right time. Notably, the pandemic accelerated digital transformation in education, health care, remote work, and e-commerce, boosting the companies profitability.”
With the tech companies dominating, questions on the market monopoly are still lingering.