Tech Time Once Again 🤑

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Tech Time Once Again

The biggest week of the year also provided us with earnings of two of the biggest companies in the world: Apple and Amazon. These two reported their earnings in tandem after the market closed on Thursday, and they might be the sole reason as to why the markets will be up today.

Let’s start off with Apple. Despite inflation, the company reported record revenue of $83 billion as their business stayed strong with consumers. The economic problems are still affecting the company as CEO Tim Cook said that the wearables and ad businesses saw a decrease in sales. However, the highlight had to have been the iPhones, which withstand all of the obstacles. Analysts expected iPhone sales to decrease by 2.5 percent, but instead they reported a 2.8 percent increase in sales, destroying expectations. It doesn’t hurt that iPhone are the leading source of revenue and Cook said that there is no evidence that there was a macroeconomic effect on iPhone sales. Profit has fallen by 11 percent this quarter, but they beat on earnings per share, capping off a solid quarter.

Amazon, on the other hand, missed on earnings, reporting a loss of 20 cents per share while analysts expect a profit of 52 cents per share. Costs have been rising for the company due to high inflationary pressures, and the e-commerce side of the business has been struggling. On the other hand, the cloud computing side provided some nice double-digit growth along with the advertisement business, which were areas we saw other companies like Microsoft struggle with. These areas continue to be growth machines for Amazon, and they helped the company report revenue of $121.2 billion which beat expectations. Tech has not disappointed so far, and it looks like the July rally will continue.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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