Top 25 global tech companies post resilient YoY revenue growth of 5.2% in 2022, reveals GlobalData
May 26, 2023 (Investorideas.com Newswire) In a challenging economic climate, the top 25 publicly traded global technology companies displayed remarkable resilience by achieving an impressive 5.2% year-on-year (YoY) revenue growth, surging to an astounding $3 trillion in 2022. Despite facing significant challenges such as geopolitical risks and supply chain disruptions, these companies performed remarkably well, reveals GlobalData, a leading data and analytics company.
An analysis of GlobalData's Company Reports Database reveals that approximately two-thirds (60%) of the top 25 technology companies posted growth in YoY revenue in fiscal 2022.
Ragupathy Jayaraman, Business Fundamentals Analyst at GlobalData, comments: "Amazon Web Services (AWS), Microsoft and Google Cloud reported over 25% YoY growth in their cloud revenue in FY2022. In the smartphone category, Apple reported a 7.8% YoY growth, whereas Xiaomi reported a 18.2% decline in revenue in 2022. Xiaomi's sales declined due a reduction in global shipments."
Microsoft, Sony, Taiwan Semiconductor Manufacturing (TSMC), Panasonic, Accenture and Qualcomm reported more than 10% YoY growth in their revenue in 2022. TSMC's revenue increased 33.7% YoY, driven by increased shipments in its high-performance computing and smartphone businesses.
Qualcomm reported a 31.7% YoY growth in revenue primarily due to increased revenue from handsets, automotive and IoT products and higher estimated revenues per unit. Samsung, Meta, Tencent, Lenovo, Intel, HP, Pegatron, Xiaomi and Compal Electronics were the only companies in the top 25 that reported YoY decline in revenue in 2022.
TSMC, Accenture, Pegatron and Qualcomm reported more than 15% YoY growth in 2022, with TSMC and Qualcomm recording more than 60% growth.
Jayaraman concludes: "In terms of profitability, 60% of the top 25 technology companies by revenue reported YoY decline in their net profit. TSMC and Qualcomm were the only companies that reported 40% YoY growth in their net profit in FY2022.
"Amazon, Dell, Intel, HP, Oracle, Xiaomi and IBM reported more than 50% YoY decline in net profit in 2022. Amazon posted a $2.7 billion loss in FY2022 compared to a net profit of $33.3 billion in the previous year. The company attributes a major portion of the loss to its investment in the electric vehicle startup Rivian. Xiaomi reported an 87.7% decline in its net profit in 2022 due to a 35% drop in its global shipments."
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Notes to Editors
- Quotes are provided by Murthy Grandhi, Company Profiles Analyst at GlobalData
- The information is based on GlobalData's Company Reports Database
- This press release was written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData's team of industry experts
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