Apple Q4 2021

 Summary

• Record Q4 revenue of 124B up 11%
• 2.1$ earnings per share and 27B $ returned to shareholders
• Product 105B up (9% YoY) - 1.8B active devices
• Services 19B up (24% Yoy)
• Gross Margin 54B (up 43.8%)
• Operating income 41B
• Net Income 34.6B
• Sales by Geography
• Americas 51.4B vs 46.3B
• Europe 29.7B vs 27.3B
• China 25.7B vs 21.3B
• Japan 7.1B vs 8.2B
• Asia 9.8B vs 8.2B
• Sales by category
• iPhone : 71.6B (up 9%)
• Mac : 10.8B (up 25% YoY) - last 6 quarters have been best 6 quarters ever for Mac
• Education, business, creative industry
• iPad : 7.2B (down 14% YoY) (half the customers purchasing were new to the product)
• Wearables : 14.7B (up 13% YoY) (two/thirds of the apple watch customers were new to the product)
• Services : 19.5B 
• cloud services, music, video, payment services, app store fees 
• metaverse : 14,000 AR kit apps in the App Store
• 785MN paid subscriptions up 165MN in the last 1 year
• Enterprise
• Apple Business Essentials, a new service offering that brings together device management 24/7 support and iCloud storage to our small businesses, manage the end-to-end life cycle of their employees' Apple devices
• Shopify and Deloitte moving to Mac
• 203B cash, 123B debt, 80B to end the quarter
• Nearly one third of revenue from emerging markets and India/Vietnam revenue doubled
• Commentary : And during December, as we had mentioned, we had a record number of upgraders and grew switchers strong double digit, which I think speaks to the strength of the product. And that's all an adjacent to some -- an enormous customer satisfaction rating of 98% and are doing well throughout the geographies. And I've mentioned some of the geos that we track and how many units that we have on the top-selling model charts. And so -- and even though this is the second product announcement that has 5G in it, we're still really in the early innings of 5G, meaning if you look at the installed base and look at how many people are on 5G versus not, and we don't release those exact numbers, but you can do some math and estimate those.
  

Apple Revenue (Billions)

2021: 366

2020: 294

2019: 268

2018: 266

2017: 229

2016: 216

2015: 234

2014: 183

2013: 171

2012: 157

2011: 108

2010: 65

2009: 43

2008: 37

2007: 25

2006: 19

2005: 14

2004: 8.3

2003: 6.2

2002: 5.7

2001: 5.4

2000: 8.0

1999: 6.1

1998: 5.9

1997: 7.1

Apple Q3 2021

 Summary

• Revenue up 36% percent to new Q3 quarter record - $81.4 B
  
• Product Revenue up 37% percent to new Q3 quarter record - $63.9 B
  
• Services gross margin was 69.8% and product gross margin was 36% and company gross margin was 43.3%
• Net income of $21.7 billion, diluted earnings per share of $1.30 and operating cash flow of $21.1 billion
  
• iPhone revenue was 39.6B growing 50% yoy

• $17.5 billion with all-time records for cloud services, music, video, advertising, and payment services and June quarter records for the App Store and AppleCare.

• Apple trends

• First, our installed base of devices reached an all-time high across each geographic segment. 

• Second, the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the June quarter in each geographic segment, and paid accounts increased double digits.

• Third, paid subscriptions continue to show strong growth. We now have more than 700 million paid subscriptions across the services on our platform, which is up more than 150 million from last year and nearly four times the number of paid subscriptions we had only four years ago. 

• And finally, we're adding new services that we think our customers will love while also continuing to improve the breadth and quality of our current services offerings.

• Wearables, home, and accessories grew 36% year over year to $8.8 billion, setting new June quarter revenue records in every geographic segment. We continue to improve and expand our product offerings in this category. This quarter, we began shipping our new Apple TV 4K with a redesigned Siri Remote and our brand-new AirTags, and the customer response to both products has been very strong. In addition to its outstanding sales performance globally, Apple Watch continues to extend its reach, with nearly 75% of the customers purchasing Apple Watch during the quarter being new to the product.

• For Mac, despite supply constraints, we set a June quarter record of $8.2 billion, up 16% over last year, with June quarter revenue records in most markets we track around the world. It is remarkable that the last four quarters for Mac have been its best four quarters ever. This exceptional level of sales success has been driven by the very enthusiastic customer response to our new Macs powered by the M1 chip, which we most recently brought to our newly redesigned iMac. iPad performance was also strong with revenue of $7.4 billion, up 12% in spite of significant supply constraints.

• During the quarter, we also starting shipping our new iPad Pro powered by the M1 chip, and customer response has been outstanding. Both iPad and Mac have taken computing to the next level, and when you combine their performance over the last 12 months, they are now the size of a Fortune 50 business thanks to the best product lineups we've ever had, very high levels of customer satisfaction and a loyal growing installed base. In fact, around half of the customers purchasing Mac and iPad during the quarter were new to that product, and in most recent surveys of U.S. consumers from 451 Research, customer satisfaction was 92% for Mac and 95% for iPad.

• In enterprise, our customers are excited about the superior performance, battery life, and security that the new M1 Macs bring. MassMutual, for example, is offering M1 MacBook Pro to all of its employees and equipping all conference rooms with M1 Mac Minis in preparation for return to work. And with its incredible performance and affordable entry price, the MacBook Air with M1 is gaining rapid adoption among many leading enterprise organizations. Italgas, Italy's largest natural gas company, which will soon be using its extensive network to distribute renewable gases, is replacing every employee's Windows laptop with the new MacBook Air powered by Apple's M1 chip to bring the latest technology to its workforce.

  And Grab, Southeast Asia's leading super app that provides transportation, food delivery and digital payment services, is adding M1 MacBook Air to its companywide M1 Mac deployment. Let me now turn to our cash position. 

• Net cash was 72 billion at the end of the quarter.
  

• We're not predicting the next cycle, but I would point out a few things. One is we have a very large and growing installed base. As you know, we've -- the iPhones passed a billion active devices earlier this year.

  Two, we have loyal and satisfied customers. The customer set that we're seeing on the new iPhones are -- is just amazing. It's jaw-dropping. And the geographic response is pervasive across the world.

  And in the U.S., we had the top three selling models. In the U.K., we have four out of the top five. In Australia, we have the top two. In Japan, we have the top three.

• In Urban China, we have the top two. And so the response from customers all around have been great. Obviously, the product itself is amazing. The 12 lineup was a huge leap that introduced 5G and had A14 Bionic and a number of other fantastic features that customers love.

• The next thing I think to consider is that we're in the very early innings of 5G. If you look at 5G penetration around the world, there's only a couple of countries that are in the double-digits yet. And so that's an amazing thing nine months or so into this. And the last thing is we're going to continue to deliver great products.

Category Breakdown

• iPhone - 38.8 B vs 26.4 B in Q3, 2021
• Mac - 9.1 B vs 9.0 B in Q3, 2021 (up 2%)
• iPad - 8.2 B vs 6.7 B in Q3, 2021 (up 81%)
• Wearbales - 8.7 B vs 7.8 B in Q3, 2021 (up 25%)
• Services - 18.2 B vs 14.5 B in Q3, 2021 (up 27%)
• Revenue - 83.3 B in Q3, 2021 (up 50%)
• Net income - 20.5 B 

Geography Breakdown

• Americas 36.8 B vs 30.6 B in Q1, 2020
• Europe 20.7 B vs 16.9 B in Q1, 2020
• China 14.5 B vs 7.9 B in Q3, 2020
• Japan 5.9 B vs 5.0 B in Q3, 2020
• APAC 5.1 B vs 4.1 B in Q3, 2020

Apple Revenue (Billions)

2021(est): 365

2020: 294

2019: 268

2018: 266

2017: 229

2016: 216

2015: 234

2014: 183

2013: 171

2012: 157

2011: 108

2010: 65

2009: 43

2008: 37

2007: 25

2006: 19

2005: 14

2004: 8.3

2003: 6.2

2002: 5.7

2001: 5.4

2000: 8.0

1999: 6.1

1998: 5.9

1997: 7.1

Apple vs MSFT 2003

$AAPL vs $MSFT in 2003. Bill Gates couldn’t fathom that Steve Jobs and Apple were out-innovating them. “Strange” is a word he uses throughout this email. He was truly confused.

 

Apple Q1 2021 Earnings

 Summary

• Revenue up 54 percent to new March quarter record
  
• Net income of $23.6 billion, diluted earnings per share of $1.40 and operating cash flow of $24 billion were all March quarter records by a wide margin.
  
• Services and Mac revenue reach new all-time high
  
• International sales accounted for 67 percent of the quarter’s revenue.
  
• If you look at how the iPhone did around the world, we had the top five models of smartphone in the US, the top selling, the top two in urban China, four out of the top five in Japan, the top four in the UK and the top six in Australia. 
  
• Trends playing into Mac : Work from home, M1 chips, remote learning, last 3 quarters for Macs have been the best 3 quarters ever
  
• Trends playing into iPad : Work from home, M1 chips, remote learning
  
• Watch : 75% people who bought an Apple watch were new to the product
  
• Q2 guidance being lower - we reached supply demand balance only during the March quarter, which makes obviously the sequential decline steeper than usual. this 3 or $4 billion of supply constraints that Tim just said, primarily on iPad and Mac.
  
• my view would be as the stores get back up to speed, fully up to speed, we should be able to increase some of the accessory sales. Although I think we're doing fairly well at the moment. So it's not something that we're not doing well. Online has been much more beneficial and much more productive than we would have guessed going into this.
  
• Keep in mind that our Europe segment is a very broad version of Europe because it includes Western Europe, which has done very, very well. And then, Eastern Europe and it goes into the Middle East. Even India is part of Europe. And those emerging markets have done incredibly well, significantly better than company average.
  
• Apple Pay continues to expand geographically, launching in Mexico and in South Africa, bringing our payment service to six continents.
  
• In the enterprise market, customers across many industries are accelerating their adoption of iPhone 12 and 5G as a key platform for the future of their business.
  Delta Airlines, for example, is putting iPhone 12 and 5G connectivity into the hands of flight attendants so they can provide the best passenger service possible as air travel rebounds. Openreach in the UK has started equipping tens of thousands of field engineers with iPhone 12 to speed up their deployment of broadband services to homes around the country. And UCHealth, a large healthcare provider in Colorado, was able to reduce per patient vaccination time from three minutes to only 30 seconds largely by moving from PC stations to iPhones. This has allowed their staff to rapidly scan and register new patients and vastly increase their daily vaccination capacity.
  
  
• Net cash was 83 billion at the end of the quarter.
  

Category Breakdown

• iPhone - 47.9 B vs 28.9 B in Q1, 2020 (up 65%)
• Mac - 9.1 B vs 5.3 B in Q1, 2020 (up 71%)
• iPad - 7.8 B vs 4.3 B in Q1, 2020 (up 81%)
• Wearbales - 7.8 B vs 6.2 B in Q1, 2020 (up 25%)
• Services - 16.9 B vs 13.3 B in Q1, 2020 (up 27%)
• Revenue - 89.5 B vs 58.3 B in Q1, 2020 (up 54%)
• Net income - 52 B (~60% operating margin) 

Geography Breakdown

• Americas 34.3 B vs 25.4 B in Q1, 2020
• Europe 25.2 B vs 14.2 B in Q1, 2020
• China 17.7 B vs 9.4 B in Q1, 2020
• Japan 7.7 B vs 5.2 B in Q1, 2020
• APAC 7.7 B vs 3.8 B in Q1, 2020

Historical Apple revenue in Q2:

2021: $89.6 billion

2020: $58.3 billion

2019: $58.0 billion

2018: $61.1 billion

2017: $52.9 billion

2016: $50.6 billion

2015: $58.0 billion

2014: $45.7 billion

2013: $43.6 billion

2012: $39.2 billion

2011: $24.7 billion

2010: $13.5 billion

2009: $9.1 billion

Thesis

• Trends : remote learning, creator economy
• Competitive advantage : m1 chip driving adoption
• Geography : Strength in international markets

How Big Tech Makes Money - Q3, 2020

Apple 

• Net sales : 64.7 billion
• Product : 50.1 bn
• iPhone : 26.4 bn (33bn in Q3, 2019)
• Mac : 9 bn (> Q4 2019 revenue 7.56 bn)
• iPad : 6.7 bn (> Q4 2019 revenue 5.9 bn)
• Wearables :7.8 bn
• Services : 14.6 bn (> Q4 2019 revenue 12.6 bn)
• Cost of sale : 40 bn
• Operating expense : 10 bn
• Operating Income : 14.7 bn
• Net Profit : 12.7 bn
• Cash in hand ~50 bn
• Commentary : Overall revenue and profit is constant from 2018 and 2019. However, stock price has gone up as the company has reduced the number of outstanding stocks through buy backs. However, PE has gone up from 12 to 35 and future growth seems to be priced in, until Apple opens up new revenue streams. Apple shared no revenue guidance for Q4

Amazon

• Net sales : 96 bn
• Operating Income : 6.1 bn
• Net income : 6.3 bn
• All the above figures are higher than Q4 2019
• Investing in Amazon provides significant international exposure : NA 62%, International 26% and AWS 12% of net sales. YoY net sales grew by 39%, 37%, 29% across those 3 categories
• Online stores 48 bn, Physical stores (includes whole foods) 3.7 bn, Third party seller services 20 bn, subscription services 6.5 bn, AWS 11.6 bn, Ads 5.3 bn
• Online stores grew at 37%, physical stores at -10%, third party seller services at 53%, subscription services at 32%, AWS at 29% and ads at 49% YoY
• Commentary 
• Physical stores slowdown is expected due to Covid, but all other categories grew faster than AWS. Net sales increased 37% YoY. With Covid-19 expediting Amazonification of the world, this will be an unprecedented holiday season. Amazon expecting 112bn in net sales in Q4. 
• Some of the demand from COVID like grocery, gloves may not recurring next year. But COVID is increasing engagement, retention of the Prime membership program and usage is growing across different categories
• Prime videos is a very good acquisition channel for Prime members - > higher membership renewal rates and higher engagement
• International has been profitable for 2 quarters now

Microsoft

• Revenue 37.2 bn (12% growth)
• Productivity and business processes : 12.3 bn (11% growth)
• Office commercial products revenue growth of 9% (Office 365)
• Office consumer products revenue growth on 13%
• Linkedin 16% up
• Dynamic products up 19%
• Intelligent cloud 12 bn (20% growth)
• Azure up 48%
• Personal Computing 11.8 bn (6% growth)
• Windows OEM down 5%
• Windows commercial products up 13%
• XBox content and services up 30%
• Surface revenue up 37%
• Search advertising down 10%
• Net income : 13.9 bn
• 9.5 bn returned to shareholders, 5.3 bn share repurchases and 4.2 bn dividends

Google

• Revenue - 46 bn (up 14% from Q3 2019)
• Search ads 26.3 bn
• Youtube ads 5 bn
• substantial growth in direct response
• brand advertising (create brand and interest)
• YTs strong watch time growth enables advertisers to reach people who they cant reach on TV
• Google network 5.7 bn
• Cloud 3.4 bn
• Data processing, analytics, AI/ML
• Migration of legacy datacenters to google cloud and cut in IT spending and infrastructure. eg : Nokia migrating 30 data centers to the cloud across 12 countries
• Google meet saw a peak of 7.5 billion daily video call minutes
• Six priority industries : healthcare, retail, media, finance, manufacturing, public sector
• 5 major geographies
• 4 customer segments
• Other revenues (YT subscriptions, Google play) 5.4 bn
• Other bets 178 mn
• TAC : 8.16 bn
• Net income - 11 bn (operating margin 24%)
• Losses on other bets : 1 bn, nicely masks the operating margin from 27% to 24%
• Cash on hand : 133 bn
• International exposure : US 21.4 bn, EMEA 13.6 bn, APAC 8.4 bn, Other americas 2.6 bn
• Google has greater than 50% ex-US revenue exposure
• PE (1.1 tn / 50 bn) ~ 22. Alphabet looks cheap going forward given it is growing revenue at double digits compared to the rest of big tech. 
• Youtube music has 30 mn paying customers and Youtube TV has 3 mn paying customers
• In Q4, 2020 GCP will be its own reporting segment
• Commerce
• Shopping listings available in 48 countries
• Google checkout option opened the platform to paypal and shopify integration
• advertisers in Youtube at the mid-funnel level
• Earnings call transcript

Facebook

• Revenue : 21.4 bn (22% growth)
• Operating income : 8 bn (operating margin 37%)
• Cash on hand : 55 bn
• 200 mn businesses, 10 mn active advertisers, 40 mn people viewing a business catalog every month, more businesses are doing things online due to COVID
• Earnings call transcript

Commentary

• Big Tech companies are generating revenue worldwide. All of them have considerable international revenue exposure. 
• Amazon (37%), Facebook (22%), Google (14%), Apple (~flat) - revenue growth
• Facebook (37%), Google (24%), Microsoft (37%) - operating margin
• 265 bn in revenue, net profit of 52 bn, operating margin of ~20%, market cap ~7.5 tn
• Cloud is an extraordinary secular trend and all cloud players are gaining from IT spending and cost cutting
• Digital advertising continues to be a secular trend - TV dollars, CPG marketing budgets, retail goods moving online all driving this trend, organic small businesses trying to reach customers online

Conflict Resolution

Management is a lot of conflict resolution. Here is a framework to think about all possible kinds of conflicts that this job might entail

1. Conflict with your manager
2. Conflict with your manager's manager
3. Conflict with your PM
4. Conflict with your collaboration partner/stakeholder
5. Conflict with a peer team's manager
6. Conflict with your Tech Lead
7. Conflict some engineer on your team had with
1. Their Tech Lead
2. Another engineer on the team
3. PM
8. Conflict regarding technical decision

Why is delegation important

Target Audience 

M1s(Line Manager 1s), TLMs(Tech Lead Managers), PM(Product Managers)

Inability to delegate properly can be a big bottleneck for scaling for first line managers / TLMs. Also it may be an under-appreciated skill until it is needed during crunch time. Delegation is an art and in order to be able to delegate properly managers need to build a bench around them.

The above is the picture of a Mount Arat in Armenia. As you scale your career, imagine that you are climbing that mountain. When you are at the bottom, you had the closest view, details and granularity of problems at hand. As you climb up the mountain, you lose some of the details but you gain perspective from the height. You can see some nearby peaks, understand some of the problems they are solving and relay that information to the troops who are below you.

Now often times you will need to get information about your peak from the bottom. If you can delegate appropriately, you can get the information in the most efficient way while growing the people reporting to you. If you cannot delegate appropriately, you will have to run up and down the top of the mountain everytime you need more details. This way you will lose your view of the surrounding mountains(your collaboration commitments will drop). You will also get tired and burnt out if you have to run up and down the mountains too many times.

How to get into FAANG

Coding Interviews

Two words : Leetcode Hard

System Design Interviews

WIP

Behavioral Interviews

WIP

Referrals

Referrals count at FAANG. Hypothesis is birds of the same feather flock together. Smart people know other smart people. Referrals decrease in value in the following order

1. Your manager at a previous company who now works at FAANG
2. Co-workers who you worked with in past companies who have first have knowledge of your work
3. Co-workers in other teams who have second hand knowledge of your work
4. Friends from grad school
5. Social Contacts

Social contacts referral may not count in signal value added but can certainly help you with getting an interview call. 

Apple's top 5 cities

Ever wonder what Apple's most important markets are?

Look no further than the first five cities Apple decided to launch cycling support for in Apple Maps:

New York City, Shanghai, Los Angeles, San Francisco, and Beijing.

Noticed how global powerhouse cities like London and Tokyo didn't make the cut. Neither did any city in The Netherlands—the biking capital of the world which has more bikes than people.

You don't have to look at any financial statements to know that Apple's revenue from China is second only to America. Products speak for themselves.

Amazon Principle Engineer Review

In Amazon, if a feature spans multiple systems and teams; it usually requires a review from a Principal Engineer (PE review).

In one of the internal talks, a Principal Engineer (PE) shared a simple technique they employ to drive the PE review. It was to repeatedly ask "why" like a five year old.

For example the conversation in a PE review can go something like this:

Engineer: We're creating a system to duplicate an item in different marketplaces.

PE: Why?

Engineer: To allow customers to buy the same item in different marketplaces.

PE: Why does it have to be duplicated for that to happen?

Engineer: Because each marketplace has a separate catalog

PE: Why is it separate?

And so on...

This technique forces the engineers to dig deeper into their own design and question the foundations on which it is built.

It is possible we're treating the symptoms of an issue instead of addressing the root cause and by repeatedly asking "why", we may expose some assumptions we've made or issues we did not consider in our initial design.

Good thing about this technique is that you don't have to be a Principal Engineer to use it. Even if we're fresh out of college, we can ask "why" in a design meeting. If it doesn't uncover anything new, it will at least help us understand the system deeply.

“Millions saw the apple fall, Newton was the only one who asked why?” - Bernard M. Baruch

Areas of investment by Big Tech

Mobile Hardware : Apple, Google
Mobile OS and App store : Apple, Google
Voice : Apple, Google, Amazon
Home(Camera, speaker, other devices) : Apple, Google, Amazon
Social : Facebook
Communications : Apple, Facebook, Google
Video : Google, Amazon, Facebook
Search : Google, Microsoft
Ads : Google, Facebook, Amazon
Cloud : Apple, Google, Microsoft
Computer Hardware : Microsoft, Apple
Computer OS : Apple, Microsoft
Productivity Suite : Microsoft, Google
e-Commerce : Amazon, Facebook

How big tech makes money - 2019 edition ?

How Big Tech Makes Money

This is the followup to the earlier version of the post which describes 2018 revenues and profits https://siliconvalleystories.blogspot.com/2019/08/how-big-tech-makes-money.html

Apple (Revenue in 2019: $267.7 billion, $55 billion)

• Q4, 2019 revenue - $91.8 billion, net income - $22.2 billion
• Q4 revenue breakdown by category
• iPhone - $55.9 billion
• Mac - $7.56 billion
• iPad - $5.9 billion
• Wearables - $10 billion
• Services(Apple TV, AppleCare, ApplePay) - $12.7 billion (up from $7.3 billion in Q4 2018)
• Active installed user base 1.5 billion
• Commentary : You can see that apple revenue is pretty much constant from 2018, however the stock is up because apple has consistently reduced the outstanding shares by buybacks which increases earnings pre shares. Also Services and Wearables revenue is blowout and increasing as Apple pivots itself into a services play from a phone maker. 

Amazon (Revenue in 2019: $280.5 billion)

• Q4 2019 GMV - $87.4 billion, operating income - $3.8 billion, net income - $3.2 billion
• Investing in Amazon provides significant international exposure. NA sales : $53.6 billion, international sales : $23.8 billion
• AWS 2019 revenue : 35 billion
• AWS Q4 2019 revenue : $9.9 billion Q4 2019 profits : $2.6 billion
• Commentary : AWS makes up most of the profits for amazon and accounts for 11% of the revenue. The retail business is a thin margin business and AWS remains the cash cow. Amazon and Apple have similar 2019 revenues, but Apple is way more profitable as a business. Amazon's AWS made in Q4 as much as Google's cloud made in whole of 2019 demonstrating its lead in the cloud. Amazon also declared 150 million prime subscribers which gives them a $16.5 billion recurring revenue bundle. 

Microsoft (Revenue in 2019: $126 billion, $39 billion)

• Q4 2019 revenue : $36.9 billion growing at 14%, net income : $11.6 billion growing at 38%
• Productivity and Business Processes was $11.8 billion and increased 17%(includes Linkedin, Office 365 commercial, Office 365 consumer, Dynamic 365)
• Intelligent Cloud was $11.9 billion and increased 27% (Server products and Azure)
• Server products and cloud services revenue increased 30% (up 32% in constant currency) driven by Azure revenue growth of 62%
• Personal Computing was $13.2 billion and increased 2%(Windows, XBox, Search, Surface)
• Commentary : Azure continues to be be bright spot for Microsoft and that continues to drive the revenue growth. Microsoft has Office 365 which is its recurring revenue bundle like Prime and it is using its sales team to drive Azure growth. 

Google (Revenue in 2019 : $160 billion, Net income : $34 billion)

• Q4 2019 revenue : $46 billion, Net income : $8.9 billion
• Google search - 27 billion
• Youtube - 4.7 billion
• Google network member properties - 6 billion
• Google Cloud - 2.6 billion
• Google Other (Includes Youtube subscription) - 5.2 billion
• Commentary : Cloud reached around a 10 billion annual run rate. Youtube generated 15 billion ads revenue. Google is making more revenue than microsoft but is a thinner margin business. However, Google's revenue is growing at 20% pace for the last few years, whereas Microsoft is around 15% growth rate. Youtube ads grew at 36% YoY. Google cloud is growing revenue at 50% YoY, however, the base in much smaller than AWS. To put things into perspective, AWS made in Q4 what Google Cloud made in 2019. 

Facebook(2019 Revenue : $70.6 billion, Net Income : $18.4 billion)

• Facebook makes most of its money from ads (98.5%)
• Q4 revenue - 21 billion, Net income - 7.3 billion
• Facebook DAU - 1.66 billion
• Facebook family of products MAU - 2.89 billion
• Commentary : Facebook family MAU is 2.89 billion compared to Apple's 1.5 billion devices. 

Overall Commentary

• Apple and Amazon have the highest revenue. Apple's total revenue is not changing much YoY, Amazon is still growing revenue at >20% clip YoY
• Apple makes the largest amount of net income every year. Apple returns largest cash back to the shareholders
• Google total revenue is now greater than Microsoft with Search alone generating close to 100 billion in 2019. Microsoft is a higher margin business than Google
• Facebook continues to boast highest percentage growth in revenue numbers at 27%