Health crisis causes boom for technology companies
 

Top 25 companies making a killing

The COVID-19 pandemic is providing new business opportunities for the tech sector, as evidenced by the performance of the world’s top 25 technology companies, according to a GlobalData report.

The top 25 all reported quarter-on-quarter (QoQ) growth in market capitalisation (MCap) for the second quarter (Q2) of 2020, ended June 30.

Top of the ranking by GlobalData, Apple’s revenue in Q2 was driven by the performance of its services and wearables businesses, despite the chaos created by COVID-19 worldwide. This enabled the company to win over market confidence and leapfrog Microsoft as the world’s most valuable company.

Keshav Jha, Business Fundamentals Analyst at GlobalData, said: “Apart from its impressive Q2 performance, the announcement of the new iOS and new iMac during Apple’s annual developer conference (WWDC) in June 2020 seemed to have pleased investors with the company’s MCap rising by over 40 percent during the quarter.

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