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Google, Apple, Amazon give investors reason to fret

Amazon reported worse-than-expected fourth-quarter profits, but its revenue beat expectations

February 04, 2023 08:42 am | Updated 08:42 am IST - Washington

AP
Some of the biggest companies in the world posted lacklustre quarterly financial performances. File

Some of the biggest companies in the world posted lacklustre quarterly financial performances. File | Photo Credit: AP

Wall Street had its eyes on Friday on big tech after some of the biggest companies in the world posted lacklustre quarterly financial performances.

That included Apple Inc. The company posted its first quarterly revenue drop in nearly four years after pandemic-driven restrictions on its China factories curtailed sales of the latest iPhone during the holiday season.

Also Read | Big Tech earnings show digital ads market is still shaky

Amazon reported worse-than-expected fourth-quarter profits, but its revenue beat expectations boosted by sales in its cloud-computing unit AWS, which is also seeing a slow-down in growth.

Google's parent company Alphabet posted a lower profit and a small revenue increase for last year's fourth quarter, as a decline in online ad spending and competition from rivals weigh on the search giant.

While overall revenue grew, advertising revenue fell by nearly 4% and revenue at YouTube declined 8% year-over-year.

Amazon ended on Friday down 8.4% and Alphabet lost 2.8%. Apple bounced back, finishing the day up 2.4%.

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