The wait is finally over as major tech companies such as Microsoft (MSFT), Meta Platforms (META), and Amazon.com (AMZN) released their earnings. Let’s explore these results in further detail.
Microsoft (MSFT) surpassed third-quarter earnings expectations, reporting an EPS of 2.99, beating the expected 2.65. Additionally, the company reported revenue of 56.5B exceeding the forecasted 54.53B. The growth was attributed to advancements in Artificial Intelligence (AI), which have boosted its Azure platform’s revenues.
Microsoft and Submittable have partnered to develop grantmaking and corporate social responsibility solutions using Azure and Azure OpenAI Service, with a focus on advancing social impact goals.
Meta Platforms (META)
Meta Platforms (META) exceeded third-quarter earnings expectations, reporting an EPS of 4.39, beating the expected 3.64. Moreover, the company reported revenue of 34.15B exceeding the forecasted 33.57B. Reels and Threads have been significant contributors to the company’s performance.
Meta announced its intention to make investments in emerging ventures such as virtual reality and artificial intelligence. Moreover, Meta mentioned that it plans to reallocate resources and budget from non-AI initiatives to sustain the progress and continue advancements in technology.
Amazon. Com (AMZN)
Amazon. Com (AMZN) surpassed third-quarter earnings expectations, reporting an EPS of 0.94, beating the expected 0.58. Furthermore, the company reported revenue of 143.1B exceeding the forecasted 141.53B. This was due to record-breaking Prime Day and expanded same-day delivery, boosting sales and profitability.
CEO Andy Jassy expressed a positive outlook for Amazon Web Services (AWS), the cloud computing part of Amazon in a conference call. Furthermore, he also mentioned that AWS is finalizing agreements with an increasing number of clients, and signed several deals that are expected to have a positive impact on the company’s financial performance in the upcoming fourth quarter.
The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell. The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI. Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.