Company reports $94.9bn in revenue, slightly beating Wall Street projections in first look at demand for its new phone Apple reported strong demand for the iPhone 16 in its quarterly earnings report on Thursday, though overall sales in China slightly decreased year-over-year. The company reported $94.9bn in revenue, up 6% year-over-year, and $1.64 in earnings per share (EPS). The company’s earnings slightly beat Wall Street projections of $94.4bn in sales and an EPS of $1.60. The company saw $46.2bn in revenue from iPhone sales, up from $43.8bn year-over-year. Fourth-quarter revenue from its services division, which include subscriptions, increased from $22.31bn to $24.97bn year-over-year. Continue reading...

Revenue from Azure cloud business increased by 22% as company focuses attention on artificial intelligence Microsoft reported better-than-expected earnings on Wednesday fueled by growth in its Azure cloud business, as five of the “Magnificent Seven” tech megacaps roll out quarterly earnings this week. “AI-driven transformation is changing work, work artifacts, and workflow across every role, function, and business process,” the company’s CEO, Satya Nadella, said in a press release. On an earnings call, Nadella said Microsoft’s AI business was “on track to surpass an annual run-rate of $10bn next quarter, which will make it the fastest growing business in our history to reach this milestone”. Continue reading...

Monthly users rose by nearly half thanks to AI translation feature, and deals for AI training with Google and OpenAI boosted revenue Reddit on Tuesday reported a quarterly profit for the first time in its 20-year history. Shares of the company, popular for its user-led communities known as subreddits, rose more than 35% as markets opened the next day. The company reported nearly 100 million monthly users, an increase of 47% from the year prior, and a profit of $29.9m. Its revenue reached $348.4m, a year-over-year increase of 68%, handily beating analysts’ expectations. Continue reading...

Analysts expected 12% year-on-year revenue gains, but company reports 15%, buoyed by performance in ads and cloud services Alphabet, parent of Google and YouTube, saw a third straight quarter of better-than-anticipated gains as it reported earnings on Tuesday. The tech giant had largely exceeded analyst expectations for the previous two quarters, and Tuesday’s results showed growth in both digital advertising and demand for Google Cloud. Shares rose in after-hours training. “The momentum across the company is extraordinary. Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off with consumers and partners benefiting from our AI tools,” said the CEO, Sundar Pichai. Continue reading...

Car company sees biggest single-day stock gain since 2013 as CEO Elon Musk forecasts up to 30% in sales growth Tesla shares closed up nearly 22% on Thursday – their biggest single-day gain in over a decade – as Elon Musk’s bold forecast of surging sales reassured investors he was still looking to grow its core business of selling electric cars. At close, nearly $150bn was added to the company’s market value. Musk forecast 20-30% in sales growth next year, promising to launch an affordable vehicle in the first half of 2025, and said efforts to slash production costs boosted margins in the third quarter. Continue reading...

After two slow quarters, Elon Musk’s electric-vehicle maker reports higher-than-expected earnings per share Tesla shares saw a 12% jump after the company reported its third-quarter earnings on Wednesday. The electric-car manufacturer was able to bounce back from a tough second quarter, beating Wall Street expectations for earnings per share. The company reported an earnings-per-share of $0.72, surpassing investors’ projection of $0.60. At the end of the second quarter, Tesla’s chief executive, Elon Musk, said the nearly 50% drop in profits was temporary and due to difficulty competing with cheaper or price-slashed electric vehicles by rival companies such as BYD. “We don’t see this as a long-term issue,” Musk said in July, “but really fairly short term.” Continue reading...

Chipmaker, third most valuable company in world, records $30.04bn in revenue, showing AI demand continues to rise Chipmaker Nvidia reported its latest financial results on Wednesday, recording $30.04bn in revenue over the past three months – a 122% jump from the year prior – and showing that artificial intelligence investment mania shows no signs of cooling. Analysts had anticipated about $28.7bn in revenue. Shares slid more than 3% in after-hours trading. Continue reading...

Tech giant’s revenue rises 4.9% to $85.78bn despite phone sales falling 0.9% and trend of decline in key China market Apple reported better-than-expected earnings in the third quarter of 2024, with buzz about its new AI features offsetting a continuing decline in its key China market. Earnings exceeded analyst predictions despite a year-over-year decline in iPhone sales, with revenue rising 4.9% to $85.78bn in the three months ending 29 June, beating the average analyst estimate of $84.53bn. The company maintained its cash dividend at 25 cents for each share. Continue reading...

Firm reported a loss in its second quarter and said it would cut 15% of its workforce to cut costs and compete with rivals Intel, the chipmaker, has announced plans to cut more than 15,000 jobs as it tries to cut billions of dollars in costs and turn its business around to compete with more successful rivals. Shares in the company sank 19% as a string of leading technology stocks came under pressure on Thursday following a fresh batch of lackluster earnings that contributed to a sell-off on Wall Street. Continue reading...

Firm’s earnings were up 15% year-on-year, but Azure’s lower returns resulted in share prices falling by as much as 7% Microsoft outperformed analyst predictions in its latest quarterly earnings report, revealing on Tuesday that its revenue was up 15% year-over-year. But growth of the company’s closely watched Azure cloud computing services failed to meet expectations and shares in Microsoft fell as much as 7% in after-hours trading. The company was expected to report steady growth in its fourth quarter earnings report, mostly on the back of its cloud services. Revenue from those services grew 29%, lower than the 30% to 31% that analysts predicted, resulting in a sell-off that exacerbates big tech’s recent market woes. Continue reading...