Apple Escapes Big Tech Doom
Photo by Daniel Romero / Unsplash

Apple Escapes Big Tech Doom

Plus, Amazon's holiday forecast.

Steven Lerner
Steven Lerner

Today is Friday, October 28, 2022.

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Apple Escapes Big Tech Doom

The financial earnings results for Apple (Nasdaq: AAPL) were mixed, resulting in shares of the tech company ticking up 0.38% in after-hours trading on Thursday.

Financials: Apple reported earnings of $1.29 per share and revenue of $90.1 billion; both were better than expected.

iMiss: Revenue for the iPhone hit $42 million and services revenue reached $19 million; both were better than the same period last year, but both were lower than expected.

Hitting a Record: Revenue went up 8%. This was a record high for the September quarter. Mac revenue also went up year-over-year.

Stock Price: Apple’s stock is down 20% this year, and down 3% in the last 30 days.

Final Thoughts: In a week when most of the big players in the technology industry posted negative earnings, Apple found a way to be the one bright spot.


Notables

Notable Earnings Today: Exxon Mobil (NYSE: XOM), Chevron (), AbbVie (NYSE: ABBV), NextEra Energy (NYSE: NEE), Colgate-Palmolive (NYSE: CL), JinkoSolar Holding (NYSE: JKS), Imperial Oil (NYSE American: IMO), NextEra Energy Partners (NYSE: NEP), Charter Communications (Nasdaq: CHTR), AllianceBernstein (NYSE: AB), Aon (NYSE: AON), Arbor Realty Trust (NYSE: ABR), Bloomin' Brands (Nasdaq: BLMN), Chart Industries (NYSE: GTLS), Grainger (NYSE: GWW), LyondellBasell (NYSE: LYB), Newell Brands (Nasdaq: NWL), Sanofi (Nasdaq: SNY).

Notable IPOs Today: Spring Valley Acquisition Corp. II Class A Ordinary Shares (Nasdaq; SVII).

Notable Equity Crowdfunding Campaigns Ending Today: Rancho Relaxo (Mainvest), Smoove Xperience (Netcapital), Urvin.Finance (Wefunder), Rentberry (StartEngine), TradeAlgo (StartEngine), infiniRel (Wefunder), Bear Hug Brewing Company (Mainvest).

Notable Economic Events Today: Core PCE Price Index / PCE Price Index (8:30 a.m. ET), Employment Cost Index (8:30 a.m. ET), Personal Spending (8:30 a.m. ET), Pending Home Sales (10:00 a.m. ET), Michigan Consumer Expectations / Sentiment (10:00 a.m. ET).


Amazon's Weak Holiday Forecast

Amazon delivery box with gifts in front of a Christmas tree.
Photo by Wicked Monday / Unsplash

The short-term financial outlook for Amazon (Nasdaq: AMZN) is problematic and the stock declined by 12.73% in after-hours trading on Thursday.

Financials: Amazon reported earnings of 28 cents per share, which was better than expected. But its revenue only hit $127.1 billion, which was lower than expected.

Outlook: The company expects net sales to be between $140 billion and $148 billion in this fourth quarter. This was lower than expected.

Cloudy: Revenue for Amazon Web Services (AWS) jumped 27%, but that growth was lower than expected.

Driving Income: Amazon’s investment in electric vehicle company Rivian (Nasdaq: RIVN) is paying off in the form of $1.1 billion in income during the quarter.

Final Thoughts: The fourth quarter is the holiday shopping season. The fact that Amazon has a weaker-than-expected sales forecast for the fourth quarter is bad news.


Pinterest Sees Big Growth

Shares of Pinterest (NYSE: PINS) jumped 9.64% in after-hours trading on Thursday after the social media platform posted better-than-expected earnings and revenue.

Final Thoughts: The number of daily and monthly active users was also better than expected and fueled growth. While other social media companies are posting bad results, Pinterest is thriving.


Steady: Crypto Markets Remain Stable Following GDP Release, Bitcoin Stays Over $20K (CoinDesk)

Healthy: With A Breakout On The Line, Gilead Reports Massive Cancer Drug Sales (Investor’s Business Daily)

Customer Approved: T-Mobile Raises Subscriber Forecast Again After Strong Quarter (Bloomberg)

Consolidation: StartEngine Acquires SeedInvest from Circle (Crowdfund Insider)

Cleaning House: Elon Musk now in charge of Twitter, CEO and CFO have left, sources say (CNBC)


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