At the beginning of next month, big technology companies from Silicon Valley will have to answer some tough questions in front of the Congress. For instance, they will have to tell the House Committees how they participated in meddling of the US elections last year. At the same time, this happens at a time when these companies’ market power has been subjected to increased scrutiny. However, when you go back to their home turfs, business remains as usual for these companies. For instance, annual reports earnings by companies like Alphabet, Microsoft and Amazon are good indications that the companies are cruising. As a matter of fact, the reports by the three companies are the ones that make most investors happy. If we go by the notion that revenue growth is an indication of offering the public what it wants, then it appears that the customers have fallen in love with their services and products. This could be social network, clothing and even online storage. New York University Stern School of Business professor Scott Galloway warns that if you are looking for customers to go after these companies, then you’ll have to wait a little longer. This is a professor who is currently writing a book about the power possessed by technology companies.
However, the professor warns that these reports could mean something else to another audience that consists of academics, competitors, and lawmakers. They see the continued strength as a sign that these companies are growing out of control. At the same time, it has remained clear that lawmakers in the United States are not willing to do anything about the issue. The professor then says that he does not see a reason why Amazon will not reach the one trillion dollar market evaluation. The professor says that it’s only Brussels and Washington that can stop them. For starters, Brussels is the current headquarter of the European Union. According to a report by Amazon that was released yesterday, the company announced that it made a profit of $256 million during the third quarter that ended on 30th September. This is an indication that their shares rose by 0.52 cents after the profit. During the same period last year, the company announced that it had made a profit of $252 million. Amazon has been terrifying other companies from the US following the acquisition of Whole Foods Market this year. Since the acquisition, Whole Foods has generated the retail giant $1.3 billion.
