Companies worldwide spent a record $34.6B on cloud services in Q2, up roughly 11% from the previous quarter and 30% from the same period last year, according to research firm Canalys. Example: Jones Lang LaSalle (NYSE:JLL), one of the world’s largest commercial real estate services firms, has shifted roughly 90% of its employees to remote work due to the coronavirus, representing about 90,000 workers. Conpanies who will benefit a lot from Cloud revenue are Apple, Microsoft and Google.
However, as social distancing and lockdowns become part of the daily vocabulary, other sectors of the economy are not faring as well. 2020 is on track to have the highest number of retail bankruptcies in a decade, according to S&P Global Market Intelligence. Le Tote, owner of Lord & Taylor, and Tailored Brands (NYSE:TLRD), parent company of Men’s Wearhouse, became the latest to join the retail graveyard this past Sunday.