Big tech beat estimates, some stumble after hours
The biggest of the tech behemoths - Facebook, Amazon, Apple, and Alphabet - all proved Thursday that they continue to benefit from a captive audience - as people around the globe stay close to home and online.
All beat 3rd quarter earnings estimates, though some had rough spots.
Amazon reported record profit for the second consecutive quarter and forecast a jump in holiday sales, as consumers continued to shop more online.
Facebook beat analysts' estimates for quarterly revenue despite facing an ad boycott, but warned of a tougher 2021.
The social media company said in its outlook that it faced "a significant amount of uncertainty…”
As for Google parent Alphabet, its third quarter revenue growth reflected a bump in spending across each of its key ads businesses, including search, YouTube and partner properties.
Apple’s revenue and profit also did better than Wall Street expected thanks to booming Mac and AirPods sales.
But iPhone sales were weaker than expected sending shares down 4%.
One company that was a standout to the downside – Twitter.
its slow user growth combined with its expected higher costs and uncertainty about ad revenue in the fourth quarter were all cause for concern for investors, sending its shares tumbling IN AFTER HOURS.
