Some optimism at big tech
There were some careful smiles hoping that the worst could be over when big tech companies reported quarterly results that were better than expected. But still their growths are of course far from the double digits they benefited from during the booming days. All of them have been cutting costs, laying off staff referring to the economic downturn after the pandemic.
Meta reported revenues up 3% to USD 28.7 billion after three quarters of declines. Net income fell by 24%, to USD 5.7 billion, partly because of investments in artificial intelligence. Meta projects revenue to grow between 2.4% and 11.1% in the second quarter.
Google and YouTube owner Alphabet also reported revenues up by 3% year over year, to USD 69.8 billion. Net income was USD 15.1 billion. The cloud unit showed operating profit for the first since Alphabet started releasing results for the cloud operations three years ago.
Microsoft reported revenue up by 7% to USD 52.9 billion. Net income was USD 8.3 billion.
Amazon reported first-quarter sales up by 9% year over year, to USD 127.4 billion. Net income was USD 3.2 billion. Sales in its cloud services and advertising units were better than expected.
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