Apple, Facebook report increase in earnings at the end of 2020

Apple and Facebook both reported strong earnings from the last three months of 2020 in their quarterly earning reports released Wednesday.  

Facebook reported a total revenue of $28 billion in the last three months of 2020, a 33 percent increase from the same period last year, and Apple reported an all-time record revenue of $111.4 billion in the last three months of 2020, up 21 percent from the previous year.

Facebook noted challenges it faces regarding targeted ads in the new year, specifically citing Apple’s new iOS 14 update which the social media giant has repeatedly criticized as it limits the reach of targeted ads.