Big Tech Companies Beat All Earnings Expectations
Apple reported Q3 earnings that set a record and beat Wall Street expectations with earnings per share of $1.30 on revenue of $81.43 billion, as opposed to analyst expectations of EPS of $1.01 on revenue of $73.26 billion. Generally speaking, Apple shares are up 10% from the beginning of the year, although underperforming the Dow Jones which is up 14.55% from the year start. The company stock has, however, rapidly gained 0.29% in after-hours trading Tuesday following the earnings report.
The positive trend seen at Apple is largely due to iPhone purchases during the spring quarter that pushed revenue 36% up, with 33% of it referring to iPhone revenue with $39.6 billion.
Apple's report follows an earnings beat by Microsoft on Tuesday that reported EPS of $2.17 on revenue of $46.15B, compared to forecasts EPS of $1.91 on revenue of $44.06B.
Google parent - Alphabet, has also reported Q2 earnings and revenue that beat analyst forecasts. The tech giant announced EPS of $27.26 on revenue of $61.88 billion, while analysts have been expecting EPS of $19.24 on revenue of $56.19 billion.
Alphabet shares are generally up 50% from the beginning of the year, outperforming the Nasdaq 100, which is up 16.05% from the start of the year, and the company’s have shares further gained 2.64% in after-hours trade following the earnings report.
This growth is, of course, attributable to advertising revenue. The company’s YouTube segment amounted to $7 billion, more than the $6.4 billion expected by analysts, while total Google ad revenue jumped 69% to $50.4 billion, and cloud revenue reached an overwhelming $4.6 billion.
Amazon earnings report is still due Thursday.
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