Tech giants, Google and Microsoft, have both recorded big profits for the quarter.

Google's parent company Alphabet recorded record profits for a third consecutive quarter, thanks to a rise in advertising spending as more people shopped online during the pandemic, as reported by Sky.

Alphabet, the world's largest provider of search and video ads, saw its revenue rise to £47.29bn ($65.1bn), while Google's sales jumped 41 per cent to £38.58bn ($53.1bn).

Alphabet's quarterly profit hit an eye-watering £13.75bn, ($18.93bn).

Meanwhile, Microsoft reported profits of £14.89bn ($20.5bn), growing 48 per cent year-on-year, as cloud sales jumped by almost £2.91bn ($4bn) in a year.

The growth was driven by soaring demand for cloud computing products, as businesses change the way employees work.

Microsoft saw revenue rise to £32.92bn ($45.32bn) in the three months to September 30, up by 22 per cent on a year earlier.

Punchline said: "It is ironic, on a day that the chancellor is trying to balance the books, that companies that don't pay the same rate of tax as the rest of us have released these figures. If the big tech companies paid their way, the chancellor's job would be a lot easier - with more money available for public services and the most vulnerable in society."