- Shares of Apple, Amazon and Facebook fell in pre-market trading on Friday as investors expressed dissatisfaction with the trio’s results on Thursday.
- Alphabet stock rose 6% after Google’s parent company reported earnings that blew analysts’ forecasts away.
- Scroll down for a quick rundown of the earnings for each of the four companies.
- Visit the Business Insider homepage for more stories.
Shares of Apple, Amazon and Facebook fell in pre-market trading on Friday after the tech giants reported earnings on Thursday that disappointed investors.
Apple’s stock price slipped 4%, while Amazon and Facebook fell 2%.
Shares of Alphabet, Google’s parent company, weathered the ‘big tech’ trend, climbing up to 6% in pre-market trading after the group posted earnings and profits that crushed Wall Street expectations.
Here’s a look at the earnings of the Four Tech Titans:
Apple increased its net sales 1% year-over-year to $ 64.7 billion in the fourth quarter, as of September 26. The increase reflects a 29% increase in Mac sales and 46% in iPad sales, as millions of people turned to Apple products to work and study from home during the pandemic.
However, iPhone sales fell 21% to $ 26.4 billion and net sales fell 28% in Greater China. The result was a 7% drop in net income to less than $ 13 billion. Apple has also declined to give financial advice for the current quarter, disappointing investors in hopes of getting a sense of management’s expectations for the new iPhone 12.
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Amazon posted a 37% increase in third-quarter net sales to $ 96.1 billion, with net product sales up 33% and net sales of services up 43%. Revenue jumped 29% to $ 11.6 billion in its cloud computing division, AWS, generating $ 3.5 billion in operating profit – more than half of Amazon’s total operating profit from $ 6.2 billion.
The e-commerce giant has been geared towards net sales growth of 28% to 38% this quarter. However, it also forecasts an operating profit of $ 1-4.5 billion, indicating that its profits could rise 15% or fall 74% year over year.
Facebook announced a 22% increase in revenue to $ 21.5 billion in the last quarter, almost entirely due to a 22% increase in ad sales. The result was a 12% jump in operating profit to $ 8 billion. The social media giant also increased its daily and monthly active users by 12% year over year, to 1.8 billion and 2.7 billion respectively.
However, Facebook also warned of “significant” uncertainty next year, as the accelerated shift to online shopping and the digital advertising boom during the pandemic may not last, and the platform changes and the new regulations could cause problems for his business.
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AlphabetThe third quarter results exceeded analysts’ expectations. Revenue climbed 14% to $ 46.2 billion, with Google search, Google and YouTube advertising and Google Cloud all seeing strong sales growth. The result was a 22% increase in operating profit to $ 11.2 billion.