Tech Titans on the Rise: Apple and Amazon Hit New Earnings Heights

Apple wrapped up the tech earnings reports for the quarter ending September 2023. It hit a high in profits yet fell short of projected targets. Despite this, Apple seems to be recovering well after the pandemic.

Sales dipped slightly by 1 percent, landing at $89.5 billion. But net income grew by 11 percent.

The AAFGM group—Amazon, Apple, Facebook, Google (Alphabet), Microsoft—saw varied fortunes. They all benefited from the pandemic initially. Yet, by 2022, Alphabet and Microsoft's profits dropped. Facebook saw the biggest fall, with a dramatic decrease in its September quarter net income from $9.2 billion in 2021 to $4.4 billion. Now, it's bounced back, reaching $11.6 billion and setting a new Q3 record.

Apple's income soared during the pandemic, with less of a hit in 2022. By 2023, it boosted its profitability further.
Amazon had a rough start under CEO Andy Jassy in 2021, with big ups and downs in income. But by 2023, their aggressive cost-cutting paid off. Amazon achieved a Q3 income of $9.9 billion, a record for that period and its second-best ever.

In short, Apple is staying strong, and Amazon is back with a record quarter. Both show resilience in the evolving tech landscape.

This graphic illustrates the net earnings for 5 big technology giant during the third calendar quarter from 2021 to 2023.

Apple sustains profit growth, while Amazon smashes expectations, setting new earning records as they surge past economic challenges
H/T: Statista

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