Apple, Amazon deliver expectation-topping results in a sombre earnings season

Tech Giants Amazon and Apple announced their results on Thursday. The companies delivered results beating expectations for the period, lifting up the earnings spirit weighed down due to inflation, economic turmoil, and war conditions.

A crowded period of results from the world’s largest tech firms has been marked by misses and uncertainty, indicating that the pandemic-era boom has peaked.

Amazon reported sales of $121.2 billion during the quarter, registering 7% growth against $113.10 billion in the previous corresponding quarter. The company’s scrip witnessed nearly a 12% jump following its results announcement.

Apple product sales stood at $63.40 billion, recording a plunge from the same period in the previous year, but the dip was majorly compensated by the services revenue of $19.6 billion.

Luca Maestri, Apple’s CFO expressed that their June quarter results continued to reflect on the company’s ability to manage the business effectively.

Amazon’s results demonstrate its pretty well performance during the quarter despite headwinds from every direction, and added costs weighing down the sentiments. Further, it combats increased prices and delivered results beyond expectations.

However, too much gains in American value could make products of these companies more expensive overseas, eating away at a beneficial exchange rate.