Some of the world's largest tech companies report earnings this week, including Apple, Alphabet, Meta Platforms, Microsoft, and Amazon.
After shares of Snap (SNAP) sank over 28% on Friday on disappointing revenue, Meta Platforms, Alphabet, Twitter, and Pinterest were all under pressure as well amid fears advertisers may pull back on spending.
On Tuesday, Alphabet is expected to post a rise in third quarter revenue, but at a slower pace compared to recent quarters. Also on Tuesday, Microsoft is expected to post a rise in first quarter revenue driven by demand for its cloud computing services amid the pandemic-related rise in hybrid work. Microsoft's earnings growth, however, is projected to slow. Investors will also watch out for any commentary on inflation and consumer demand.
Facebook parent Meta Platforms is scheduled to follow with its third quarter results on Wednesday. The company is expected to report its second straight fall in quarterly revenue hurt by weak advertising business amid the slowing global economy.
On Thursday, Amazon is expected to post a rise in third quarter revenue, driven by resilient demand for its ecommerce platform as well as its cloud computing division, AWS. Also on Thursday, Apple is set to report its latest sales data. Analysts expect sales of its services such as Apple Music and Apple TV+ to rise. Investors will also watch for management’s comments on demand ahead of the holiday shopping season.