Oct 25, 2021 - Economy

Wall Street readies for Big Tech earnings reports

Kate Marino

Illustration of suited hand holding binoculars with negative and positive stock arrows — Illustration: Eniola Odetunde/Axios

It’s all about Big Tech. The five largest companies in the S&P 500 — Apple, Microsoft, Amazon, Facebook, Alphabet — are set to report this week.

Why it matters: These heavyweights will overshadow most of the other 150+ reporting companies, in what will be the busiest earnings week of the quarter.

We should hear more about labor and supply chain issues from Amazon, and how Apple projects the chip shortage to affect its production, Franklin Equity Group's Grant Bowers says.

Context: Snap set the tone for tech volatility last week with its forecast that supply chain issues would crimp digital advertisers’ spending — and that Apple’s latest iOS privacy updates were also disrupting the ad business.

Snap’s stock sank 25% on the news, and Alphabet, Facebook and Twitter (which also reports this week) were down as well.

Meanwhile, a new round of Facebook whistleblower documents isn’t going to make the social media giant’s investor call any easier.

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Wall Street readies for Big Tech earnings reports

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