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.

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Analysts expect soaring stock market despite slashed earnings forecasts

Data: FactSet; Chart: Axios Visuals

Despite cutting expectations for companies' earnings by the most in history and revenue by the most since 2009, Wall Street analysts are getting increasingly bullish on the overall direction of the U.S. stock market.

What's happening: Equity analysts are expecting earnings in the second quarter to fall by 43.8% — the most since 2008's fourth quarter 69.1% decline.

Case growth outpacing testing in coronavirus hotspots

Data: The COVID Tracking Project. Note: Vermont and Hawaii were not included because they have fewer than 20 cases per day. Chart: Andrew Witherspoon/Axios

The United States' alarming rise in coronavirus cases isn't due to increased testing — particularly not where cases have grown fastest over the last month.

Why it matters: The U.S. doesn't yet know what it looks like when a pandemic rages on relatively unchecked after the health system has become overwhelmed. It may be about to find out.

The impending retail apocalypse

Illustration: Eniola Odetunde/Axios

Because of the coronavirus and people's buying habits moving online, retail stores are closing everywhere — often for good.

Why it matters: Malls are going belly up. Familiar names like J.C. Penney, Neiman Marcus and J. Crew have filed for bankruptcy. Increasingly, Americans' shopping choices will boil down to a handful of internet Everything Stores and survival-of-the-fittest national chains.