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Comparing the Profits of Oil Companies and Tech Giants, Does Artificial Intelligence Make Money? : Okezone techno

JAKARTA – There’s only a week left before big tech profits begin their earnings season. It is known that one of the oil companies with the highest revenues in the world, Saudi Aramco, reported a decline in profits of more than 30% compared to last year. Meanwhile, big tech companies continue to chase their huge profits.

In the second quarter, Saudi Aramco’s net profit reached US$30.01 billion, or IDR 471 trillion. Even though it appears that profits are very high, the revenues of this major oil company have seen a drastic decline compared to a year ago. Meanwhile, the net profit of the world’s largest technology company is apparently not comparable to that of the oil company.

Google, Microsoft and Apple have a nice comparison to Saudi Aramco. Google has a net profit in the second quarter of 2023 of 18.3 billion US dollars, or IDR 287 trillion.

Microsoft has the highest net profit compared to the other two technology companies, namely 20.8 billion US dollars, or IDR 326 trillion. Meanwhile, Apple made a net profit of 19.8 billion US dollars, or IDR 311 trillion.

The total revenue of the three largest technology companies in the world is worth 58.9 billion US dollars, or IDR 925 trillion. This exceeds Saudi Aramco’s earnings when these profits are combined.

Google and Microsoft have managed to post profit growth, while Apple has seen stagnation over the past two years. Considering this development, it is very likely that technology companies can generate higher profits than oil company Saudi Aramco in the third quarter of 2023.

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Launch from ap news, Tuesday (10/17/2023), in a research report, Daniel Ives, senior equity research analyst at Wedbush, revealed that artificial intelligence is the main reason why technology stocks continue to rise this year. The information and communications technology sectors each grew more than 40% this year.

Microsoft shares are up more than 40% this year, and their size has a bigger impact on the S&P 500, which will rise more than 20% in 2023. Several big tech companies have sent positive signals to Wall Street about growth future of the sector. development and implementation of cloud computing and artificial intelligence in technology.

Artificial intelligence is seen as a key growth driver for many tech stocks, which could continue to drive the market higher throughout the year. (Taja Aurora Bianca)

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