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Big tech week at the stock exchange

Most of big tech disappoint market expectations

Weaker advertising markets were stressed during the big tech week with quarterly reports. Apple beat analysts’ expectations. Microsoft reported revenues up close to 11% but its cloud computing business missed analysts’ expectations. Amazon, Meta and Alphabet all reported lower than markets had expected.

A year after Mark Zuckerberg changed Facebook’s name to Meta stressing that metaverse is the future, the company reported a quarterly profit, of $4.4 billion and short of forecasts. Revenues fell by 4% year over year, to $27.7 billion. The company expects revenues of $30 billion-32.5 billion in the fourth quarter and lower than analysts had expected. Shares fell 12%.

Shares of Alphabet, owner of Google, also fell after disappointing earnings because of week advertising markets. Revenues were up 6% year over year, to $69.1 billion which is the slowest growth rate in more than two years. Ad sales at YouTube declined compared with the same period in 2021. 

Microsoft’s revenues were up by almost 11%, to $50 billion, but sales at its cloud-computing unit slightly missed expectations and revenue growth was the slowest in five years. Microsoft said demand for its computers and other technology had weakened.

Amazon’s share price fell by about 15% in post-session trading. Quarterly revenues grew by 15% year on year, to $127.1 billion, but that was short of forecasts. Net income declined by 9%, to $2.9 billion. 

Apple beat analysts’ expectations and reported record results for the quarter. Revenues were up by 8% year on year, to $90.1 billion; net income was $20.7 billion.

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