Big Tech Crises: Amazon, Apple, and Google put investors in jeopardy.

TECH WORLD NEWS

Big Tech Crises: Amazon, Apple, and Google put investors in jeopardy.

February 5, 2023February 5, 2023

After some of the largest firms in the world reported disappointing quarterly financial results, Wall Street focused on big tech on Friday.

Apple Inc. was among them. Following pandemic-related restrictions on its China facilities, the company reported its first quarterly revenue decline in over four years as a result of the holiday season’s reduced demand for the most recent iPhone.

Amazon’s fourth-quarter profits were poorer than anticipated, but its revenue exceeded forecasts thanks to sales in its cloud computing division AWS, which is also seeing a slowdown in growth.

As online ad spending has decreased and competition from rivals has increased, Google’s parent firm Alphabet has reported a reduced profit and a modest increase in sales for the fourth quarter of last year. While overall revenue increased, YouTube’s revenue decreased by 8% year over year, and advertising revenue decreased by about 4%.

Alphabet lost 2.8% on Friday, while Amazon lost 8.4%. Apple recovered and ended the day up 2.4%.

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