Investors were closely watching the latest earnings reports from some of the biggest names in the technology sector, including Apple, Amazon, and Facebook. While some companies reported better-than-expected results, others fell short of analysts’ forecasts, causing concerns about the overall health of the tech industry.
Apple, the world’s most valuable company, reported strong quarterly results that beat expectations thanks to strong demand for its iPhones and other devices. However, shares of the tech giant still fell by more than 2% in after-hours trading as investors focused on the company’s cautious outlook for the upcoming quarter.
Amazon, on the other hand, missed earnings estimates for the first quarter, reporting lower-than-expected profits due to higher costs related to the ongoing COVID-19 pandemic. The online retail giant’s shares fell by more than 2% in after-hours trading as well.
Facebook also reported mixed results, with better-than-expected earnings but a decline in daily active users in some of its key markets. The social media giant’s shares fell by 1% in after-hours trading.
Overall, the mixed earnings reports from tech giants left investors uncertain about the prospects of the tech sector. The news weighed on the Nasdaq index, which is heavily weighted toward technology companies, but the broader S&P 500 managed to eke out a small gain, thanks in part to a rally in energy stocks.
As the market continues to digest the latest earnings reports, investors will be keeping a close eye on upcoming economic data and any news related to the ongoing COVID-19 pandemic, which continues to pose a threat to global markets.
- Published By Team Australia News
