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Illustration: Aïda Amer/Axios

Big Tech crushed earnings this past quarter, proving the resilience of their businesses even as the country begins to emerge from the pandemic.

The big picture: A strong recovery in the advertising market and continued reliance on cloud services and at-home entertainment have given most tech firms a boost.

Details: Despite a few cautious forecasts, the sector shows no sign of slowing down.

  • Facebook's stock hit an all-time high Wednesday after reporting a whopping 48% revenue growth year-over-year.
  • Apple's earnings report blew past Wall Street estimates, as sales of the iPhone, Mac and iPad all came in far ahead of expectations.
  • Amazon blew past analyst expectations for both earnings and revenue on Thursday, as sales surged 44% year-over-year.
  • Microsoft crushed Wall Street expectations and posted its highest revenue growth since 2018.
  • Google's parent company, Alphabet, reported a record profit last quarter. Its video arm, YouTube, brought in a whopping $6 billion in revenue last quarter, more than Snapchat, Linkedin and Pinterest combined.
  • Snapchat beat Wall Street expectations on subscriber growth, earnings and revenue, while also reporting that usage of its AR products hit an all-time high.

Yes, but: Some analysts have warned that the momentum behind these companies could slow down, given the fact that it will be nearly impossible to match the comps from record-high numbers driven by the height of lockdowns last year.

  • Twitter, Netflix, and Pinterest shares dropped amid subscriber slowdowns. Twitter reported weak guidance moving forward.

Bottom line: The pandemic has helped solidify the dominance of Big Tech other sectors, like traditional media and retail.

Go deeper

Ina Fried, author of Login
Updated Apr 28, 2021 - Technology

Apple blows past quarterly estimates

Illustration: Rebecca Zisser/Axios

Apple's latest quarterly results greatly exceeded Wall Street expectations, as sales of the iPhone, Mac and iPad all came in far ahead of expectations. The iPhone maker saw total sales outside the U.S. account for more than two-thirds of its nearly $90 billion in quarterly revenue.

Why it matters: Apple is seen as a bellwether for the broader tech industry and is also a huge driver of demand for chips, screens and other components.

Apr 28, 2021 - Economy & Business

Facebook stock spikes on strong Q1 revenue growth

(Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Facebook's stock was up more than 6% in after-hours trading Wednesday, after it reported strong Q1 revenue results, which it attributed to growth in its advertising business. It also exceeded Wall Street expectations on earnings per share.

Yes, but: The tech giant missed Wall Street expectations slightly on user growth, suggesting its consistent user growth throughout the pandemic has begun to slow slightly.

Apr 29, 2021 - Technology

Twitter stock plunges on user growth miss, low guidance

Photo: Nikolas Kokovlis/NurPhoto via Getty Images

Twitter's stock was down nearly 10% in after-hours trading on Thursday, after the company issued weak second quarter guidance on revenue growth. The tech giant also reported user growth just shy of Wall Street expectations.

Yes, but: Twitter still reported strong ad sales growth, a sign of the resiliency of its core business throughout the pandemic.