Investing.com – A quick look at quarterly earnings from three heavyweight tech companies that reported performance Thursday, after U.S. markets closed.
Amazon closes in on $1,000 mark.
Shares of Amazon.com Inc (NASDAQ:AMZN) rallied more than 4% to $961.00 in afterhours trade on Thursday, after the e-commerce giant posted earnings that beat on both the top and bottom line.
Amazon reported earnings of $1.47 per share on $35.71 billion in revenue, which was far above analysts’ expectations of earnings of $1.12 per share on $35.30 billion in revenue.
Amazon Web Services, the cloud service platform, continued to post strong growth, as revenue rose to $2.7 billion from $2.6 billion in the previous quarter.
Meanwhile, a slowdown in operating income to $1 billion, down 6%, was one one the few areas of concern.
Alphabet is all about alpha
Google’s parent company, Alphabet reported earnings of $7.73 per share on $24.75 billion in revenue, compared to analysts’ expectations of $7.39 per share on $24.22 billion in revenue.
Advertising revenues, which forms a large chunk of Alphabet’s overall revenues, rose $21.4 billion during the quarter, up from around $18 billion in the previous year.
Alphabet’s better than expected quarterly report came amid concerns that ad-revenues were set for a slowdown, after a number of companies pulled their ads from Alphabet’s YouTube platform.
Meanwhile Alphabet’s 'Other Bets' category, which includes smart home brand Nest and self-driving company Waymo, revealed strong performance, as revenue rose to $244 million for the quarter, up from $165 million in the previous year.
Shares of Alphabet Inc (NASDAQ:GOOGL) traded at $929.15, up more than 4%, in afterhours trade.
Microsoft's transition remains on track
Shares of Microsoft Corporation (NASDAQ:MSFT) sank 1% during afterhours trade, as the tech giant beat earnings estimates but fell short of revenue expectations.
Microsoft reported earnings of 73 cents per share on $23.56 billion in revenue.
A slowdown in Microsoft's 'More Personal Computing' segment weighed on quarterly performance, as the company revealed revenue of $8.84 billion for the quarter, below analysts’ estimates of $9.22 billion.
Meanwhile, Microsoft’s transition from its legacy businesses to cloud remained on track as Microsoft’s Azure, a competitor of Amazon Web Services, showed robust growth, as product sales soared 93% for the quarter.
Shares of Microsoft fell 1.5% to $67.22 in afterhours trade.