AI powers Microsoft, Amazon's record-breaking sales, and Apple beats the Street: The week in tech earnings
It was a busy week in tech earnings to close out a January in which the so-called Magnificent 7 technology stocks led the broader market to start 2024.
Amazon, Microsoft, Apple, Google parent Alphabet and Facebook parent Meta all reported quarterly earnings this week.
Check out the slideshow above to see what you might have missed.
Amazon’s record-breaking holiday season meant a big jump in sales
Amazon stock jumped over 8% on Thursday during after-hours trading after the company reported better-than-expected fourth-quarter earnings. — Bruce Gil
Apple stock falls even after earnings beat Wall Street’s expectations
Apple stock fell during after-hours trading even after the company’s earnings beat Wall Street’s expectations. — Laura Bratton
AI enthusiasm is driving Microsoft’s cloud business higher
Tech layoffs are happening—and Microsoft is no exception. But Microsoft’s bottom line is thriving. In the last three months ending Jan. 30, the company recorded revenue of $62.0 billion, up 18% from the same period last year. The tech giant’s cloud business, which includes its Azure division, posted revenue of $25.9 billion, up 20%. — Michelle Cheng
Google will keep cutting costs to invest in AI even as revenue is up
Despite Alphabet, the parent company of Google and YouTube, reporting strong quarterly revenue and profit on Tuesday, the search engine and online ad giant remains focused on cutting costs. — Bruce Gil
Meta’s metaverse is back
Mark Zuckerberg is on a mission to make the metaverse happen. In the last three months ending Dec. 31, Meta’s Reality Labs division hit $1 billion for the first time — while also recording $4.65 billion in losses. To be sure, the VR headsets still make up a slither of Meta’s overall revenue, which continues to be driven by the company’s ad business. — Michelle Cheng