I'm LongbridgeAI, I can summarize articles.This week, major tech companies reported earnings, with Apple, Meta, Microsoft, and Alphabet exceeding expectations, while Spotify faced a selloff. Apple reported EPS of $2.01 and revenue of $111.18 billion, marking a 17% revenue increase year-over-year. Meta's revenue reached $56.31 billion, and Microsoft saw a 123% surge in AI revenue, totaling $37 billion. Alphabet's earnings per share were $5.11, with revenue of $109.9 billion. Conversely, Spotify's revenue of $5.308 billion fell short of estimates, leading to a decline in its stock.
This week was a whirlwind of earnings reports and market movements. Tech giants like Apple Inc., Meta Platforms Inc., Microsoft Corporation and Alphabet Inc. all reported impressive earnings, while Spotify Technology faced a sharp selloff. Here’s a quick recap of the weekend’s top stories.
Apple’s Stellar Quarter
Apple’s earnings per share (EPS) came in at $2.01, surpassing the consensus estimate of $1.94. The tech behemoth also reported revenue of $111.18 billion, beating the consensus estimate of $109.66 billion. The company’s quarterly revenue and EPS rose 17% and 22% year-over-year, respectively. CEO Tim Cook hailed the period as Apple’s “best March quarter ever,” citing double-digit growth across all geographic segments.
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Meta Platforms Exceeds Q1 Expectations
Meta Platforms reported first-quarter revenue of $56.31 billion, beating analyst estimates of $55.45 billion. The company’s adjusted earnings of $7.31 per share also surpassed estimates of $6.78 per share. Despite a slight quarter-over-quarter decline in family daily active people due to internet disruptions in Iran and Russia, the metric was up 4% year-over-year in March.
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Microsoft’s AI Revenue Soars
Microsoft announced third-quarter revenue of $82.9 billion, up 18% year-over-year, beating the Street consensus estimate of $81.39 billion. A key highlight was the company’s AI revenue, which surged 123% YoY, hitting an annual run rate of $37 billion.
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Alphabet’s Earnings Triumph
Alphabet reported quarterly earnings of $5.11 per share, significantly beating the analyst consensus estimate of $2.62. The company’s quarterly revenue was $109.9 billion, surpassing the Street estimate of $106.93 billion and marking an increase from $90.23 billion in the same period last year.
Read the full article here.
Spotify’s Sharp Selloff
Spotify reported quarterly earnings of $4.04 per share, beating the analyst consensus estimate of $3.72 per share. However, its revenue of $5.308 billion fell short of the $5.36 billion Street estimate, leading to a sharp selloff. The shortfall was attributed to slowing growth in key markets, including Europe and North America. Read the full article here.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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