On this February 14, 2018, an image file of the Alphabet logo appears on screen at the Nasdaq MarketSite in New York. Alphabet Inc. financial earnings report for Thursday, February 2, 2023. Credit: AP Photo/Richard Drew, File
Wall Street was eyeing big tech on Friday after some of the biggest companies in the world posted lackluster quarterly financial results.
Include Apple Inc. The company posted its first quarterly revenue decline in nearly four years after pandemic-induced restrictions on factories in China dented sales of its latest iPhones during the holiday season.
Amazon reported a weaker-than-expected fourth-quarter profit, but its revenue beat expectations boosted by sales in its AWS cloud computing unit, which is also seeing growth. slow down.
Google’s parent company Alphabet posted lower profits and a slight increase in revenue in the fourth quarter of last year as falling online ad spend and competition from rivals weighed on the search giant. While total revenue grew, ad revenue fell nearly 4%, and revenue at YouTube fell 8% year-over-year.
Amazon ended Friday down 8.4% and Alphabet lost 2.8%. Apple bounced back, ending the day up 2.4%.
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The Amazon DTW1 fulfillment center is shown in Romulus, Mich., April 1, 2020. Amazon reports financial earnings on Thursday, February 2, 2023. Credit: AP Photo/Paul Sancya
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This Wednesday, July 24, 2019, photo shows an Apple Store in Chicago seen. Apple reports financial earnings on Thursday, February 2, 2023. Credit: AP Photo/Amr Alfiky, File
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