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Big Tech's 'staggering' earnings live up to market hype

July 31, 2020. Summarized by summa-bot.

Think the Nasdaq has rallied too high, too fast? The biggest tech companies in the world have this to say: Check our numbers.

What's happening: One day after the CEOs of Amazon, Facebook, Apple and Google were grilled by Congress about whether their companies are too powerful, the businesses posted earnings that showed they're only getting more dominant, my CNN Business colleagues Clare Duffy, Kaya Yurieff, Brian Fung and Rishi Iyengar report.

Breaking it down: Facebook (FB) said Thursday that it had more than 3 billion monthly active users in the June quarter across its apps, including Instagram and WhatsApp. The company said that number reflected "increased engagement as people around the world sheltered in place. "

Apple (AAPL), which has dealt with flat or even declining revenue in recent years, reported an 11% increase in sales for the quarter, with growth across its various hardware products and digital services.

The quarter-on-quarter slump in EU GDP is the worst on record, and follows a fall of 3. 2% in the first three months of the year.

Germany, Europe's biggest economy, suffered less than other big EU countries in the second quarter, reporting a 10. 1% hit to GDP.

This just in: The company said Thursday that the breach was the result of a phishing attack targeting the phones of a "small number of employees," my CNN Business colleague Brian Fung reports.

The company posted strong user growth last quarter and is exploring a subscription option to offset a sharp drop in its core advertising business.

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