Tech giants Amazon and Apple delivered strong forecast-topping results, offering some reassurance to an earnings period weighed down by inflation, economic turmoil, and war.
Amazon beat sales estimates to reach $121 billion in the quarter, and revenue climbed at its cloud-computing platform Amazon Web Services, which brought in $5.7 billion. The market responded with a 12-percent jump in after-hours trading.
Amazon expects third-quarter revenue to be between $125 billion and $130 billion, representing a 13 percent to 17 percent increase. According to Refinitiv, analysts expect sales of $126.4 billion.
Similarly, Apple reported sales and earnings of $83 billion, or $1.20 per share, for the quarter ending June 25, beating expectations of $82.8 billion and $1.16 per share, according to Refinitiv data.
“Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment,” Luca Maestri, Apple’s CFO, said in a statement.
Following the announcement of the financial results, Reuters reported that Apple’s share price increased 3.2 percent in after-hours trading.