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Monstly gloomy quarterly reports from big tech

Mostly gloomy big tech quarterly reports

It’s been mostly gloomy weeks for big tech but with a few more optimistic tones in quarterly reports. Alphabet’s Google and Apple reported decline in sales. Amazon’s cloud computing slowed down. Meta’s shares were up by almost a fifth after it reported quarterly revenues of $32.2 billion, down by 4% year over year but above forecasts. Meta announced a buyback of shares worth a total of $40 billion.

Microsoft earlier reported quarterly revenues up by 2% from the same period while the profit fell by 12%. Year-over-year revenue growth from cloud business Azure was 31%, a slowdown from the past two quarters.

Apple reported decline in quarterly revenues referring to “significant” supply chain disruptions in China that delayed iPhone deliveries. CEO Tim Cook warned revenues in the current quarter would also miss the prior year’s.

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Google said advertising revenue was down 4% in the last quarter 2022 marking. Google parent company Alphabet reported overall revenue growth of 1% compared with 32%  the year before. 

Amazon reported overall net sales for the ecommerce group up 9% from 2021. Operating income for the important cloud computing division AWS fell compared to the prior year. Sales growth was 20%, down from 40% a year earlier.

Spotify reported a quarterly loss of €231 million on revenues of €3.2 billion, but a 20% increase in users, to 489 million and shares were up. Losses widened to €1.40 per share.

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