The tech sector saw mixed results as key companies Alphabet (aka Google), Intel, Microsoft and Amazon all reported earnings on Thursday. While all topped profit estimates, Intel and Microsoft saw revenue come in short of some expectations, sending shares of those two companies lower.
- Intel posted revenue that fell just short of estimates, with particular weakness in its data center business, per Reuters. Per-share earnings of 66 cents, excluding items, topped estimates by a penny but shares fell three percent in after-hours trading.
- Microsoft's earnings topped estimates, but sales narrowly missed expectations, sending the stock lower in after-hours trading. It earned 73 percents per share, excluding items, above consensus expectations of 70 cents. Adjusted revenue was $23.56 billion, just shy of the $23.62 billion projected by analysts.
- Amazon raked in $35.7 billion in sales this past quarter, beating analyst expectations and up 23% since the year-ago quarter, the company said on Thursday in its latest earnings report. It also touted its nine-month-old business in India, where product selection for its Prime membership service has grown 75% since launch.
- Google's parent company Alphabet beat expectations with $24.75 billion in revenue, up 22% from the year-ago quarter. Google ad revenues increased by nearly 19%, despite the advertiser backlash against the company's biggest display ad driver, YouTube. Smart home tech company Nest, internet company Google Fiber and self-driving car company Waymo, also made revenue gains.