In early trading on Friday, the Dow Jones industrials were 0.12% lower, the S&P 500 down 0.38% and the Nasdaq down 0.67%. Meta Platforms’ impressive report Wednesday evening was not good enough to prevent Apple, Amazon and Alphabet from dragging tech stocks back down after poor earnings reports late Thursday. Plus ça change…
After U.S. markets closed on Thursday, Amazon missed the consensus earnings per share (EPS) estimate on revenue that was $3.5 billion higher than expected. The company is attempting to get back in its groove by cutting costs (read: firing people). Shares traded down 5% less than an hour after Friday’s opening bell.
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Alphabet missed both top-line and bottom-line estimates. Like Meta and Amazon, Alphabet is looking to become more efficient (i.e., firing people). It is worth noting that the company believes it is in the driver’s seat when it comes to artificial intelligence. It better hope so. Shares traded down 1.8% on Friday morning.
Apple, like Alphabet, missed on both the top and bottom lines. The company expects iPhone sales to pick up in the current quarter. In the prior quarter, iPhone sales were down by $3 billion. Foreign exchange rates shaved eight points from revenue. Still, if Apple can sort out its supply issues, a one-quarter dip may be a buying opportunity. The stock traded up 3% in the morning.
Qualcomm beat the consensus EPS estimate but missed on revenue and traded up about 1.5% early Friday.
Ford missed the consensus EPS estimate but posted better-than-expected revenue. After telling investors that the company left $2 billion on the table last year, CFO John Lawler said Ford needs to “improve quality and lower costs.” To that end, Ford will be “very aggressive” in firing people. The stock traded down almost 8%.
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