Businesses all around the world bore the brunt as the coronavirus condition is escalating. But several corporations around in the US are making huge profits. However, the small business houses are reported to lose as much as 50 percent of their earning drop in the first quarter of 2020. While the firms which made a profit during this tragic time are told to gain 11 percent of profits on their services.
Based on the analysis performed by Oxfam America, the top 5 firms which have gained the most profit are,
- Visa: The company gained a mind-boggling 52 percent profit margin
- Microsoft: The operating system giant gained 33 percent profit
- Pfizer: It ranks 3rd with a 31 percent profit margin
- Intel: 30 percent profit margin is achieved
- Facebook: The firm is said to have earned 28 percent profit
The highest change in the profit percentage was observed in Microsoft as found in the analysis. In addition to this, the company was also at number 2 spot on the list of most successful companies. Microsoft was just behind Apple and was followed by Google and Facebook.
The reports stated that on one hand there are millions of people who have lost their livelihood because of the pandemic. On the other hand, there are stakeholders of large firms who are getting richer due to the virus. The numbers speak it all, the 25 most profitable firms of the US have collected around 85 billion US dollars more as compared to the average of the last four years.
A suggestion was made to increase taxes on these firms as the difference between the wealth is growing. However, many politicians including President Donald Trump is against it stating that it would mitigate the economic growth of the country to a large extent.