Tech Looks On The Bright Side As COVID19 Boosts Service Demands
SAN FRANCISCO/SYDNEY: Shares in major technology companies may have tanked for the moment, along with the rest of the stockmarket but, to take a quote from Monty Python, one should always look on the bright side.
CDN has done some research and found that it’s not all gloom and doom for technology companies, especially those that can link to people working from home or in self-imposed isolation (also known as quarantine).
Take music services outfit Tencent Music which saw its shares climb two percent in extended trading after the company reported Q4 earnings.
Tencent also reported revenue of US$1.05 billion and said online music paying users grew 47.8 percent year-over-year to 39.9 million.
Tencent is also hiring workers to cope with demand for its services, as its WeChat Work saw a 15 percent gain in users.
E-commerce giant Amazon’s stock was also up two percent after the company announced that it is hiring 100,000 staff to meet a surge in demand.
Amazon will also raise workers’ hourly wages by US$2 through April, up from $15.
Demand for services from Slack, Zoom, Atlassian, Citrix and other companies who can now rest on their laurels after spending the past decade allowing people to take their offices home with them, is also booming.
In Australia Telstra, other telcos, the NBN, tele-networking and streaming services are among those seeing unprecedented demand. – Chris Castellari