Tech giants report mixed results in earnings release
October 30, 2020
Amazon, Apple, Facebook, Google and Twitter released their earnings for the latest quarter on Thursday. Apple's performance was the most disappointing in the group as earnings dipped on weakness in iPhone sales.
Five big technology giants on Thursday posted mixed earnings in the latest quarter as they grapple with a pandemic-induced economic slowdown and a greater political scrutiny.
Amazon, Apple, Google-parent Alphabet, Facebook and Twitter reported earnings that exceeded analyst expectations but a dim outlook led to drops in share prices for all except Alphabet in after-market trading.
The earnings come a day after the CEOs of Facebook, Google and Twitter were grilled by the United States' Senate Commerce Committee over accusations of anti-conservative bias.The top executives rejected the accusations in their testimonies.
Thursday's results showed a combined profit of $38 billion (€32.5 billion) for Amazon, Apple, Facebook and Google.