Google, Apple, Amazon give investors reason to fret
PTI, Feb 4, 2023, 9:55 AM IST
AFP photo
Wall Street had its eyes on Friday on big tech after some of the biggest companies in the world posted lackluster quarterly financial performances.
That included Apple Inc. The company posted its first quarterly revenue drop in nearly four years after pandemic-driven restrictions on its China factories curtailed sales of the latest iPhone during the holiday season.
Amazon reported worse-than-expected fourth-quarter profits, but its revenue beat expectations boosted by sales in its cloud-computing unit AWS, which is also seeing a slow-down in growth.
Google’s parent company Alphabet posted a lower profit and a small revenue increase for last year’s fourth quarter, as a decline in online ad spending and competition from rivals weigh on the search giant.
While overall revenue grew, advertising revenue fell by nearly 4 per cent and revenue at YouTube declined 8 per cent year-over-year.
Amazon ended on Friday down 8.4 per cent and Alphabet lost 2.8 per cent. Apple bounced back, finishing the day up 2.4 per cent.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
PHF Leasing Limited announces hiring of over 200 people over the next two quarters
Patanjali advertising case: SC asks Ramdev, Balkrishna to appear before it
Markets surrender early gains to trade lower
US Fed interest rate decision key event to watch out for this week: Analysts
DGCA sticks to June 1 deadline for revised flight duty norms; says aim is to alleviate pilot fatigue
MUST WATCH
Latest Additions
Suspected honor killing: Couple brutally murdered
PM Modi’s ‘400 paar’ claim ‘hollow’, INDIA bloc will get clear majority to form govt: Baghel
UP: Head constable held for killing government teacher, govt announces Rs 25 lakh ex gratia to kin
Gelatin sticks with detonators & other explosives recovered in Bengaluru, case filed
KPCC urges poll panel to reschedule election date in Kerala