Apple, Amazon, Facebook, and Google posted combined revenues of $220.28 billion, up from $200 billion revenues last quarter, MarketWatch reports. The Big Four, which make up about one-fifth of the S&P 500 index, combined profits was $38.08 billion as each company recorded increases except Apple with a 7% drop due to the recent roll-out of the new iPhone.
- Google is facing anti-trust issues by the Justice Department, Facebook is experiencing user and advertiser boycotts, Apple is facing increasing scrutiny of its App Store, while the news media and regulators are scrutinizing Amazon in the middle of the pandemic.
- Big-Four stocks had a mixed performance in after-hours of trading due to forecast issues; Facebook’s had a jittery outlook, Apple lacked forecast, Amazon projection of upsizing spending on COVID-19 made stocks tumble, but Google, which does not provide a forecast, gained.
- Google search business witnessed strengths in online ads and YouTube.
- Apple’s results were impacted by later-than-usual launch of the next generation of iPhones.
- Amazon’s incremental $4 billion spendings on COVID-19 was higher than expected and affected the operating profit forecast
- Facebook saw a decline in monthly and daily users in the U.S. and Canada in Q3 despite strong overall revenue and user growth.
Big-tech stocks are mixed. AAPL: NASDAQ is down 5.31%, AMZN: NASDAQ is down 3.81%, FB: NASDAQ is down 5.80%, GOOGL: NASDAQ is up 4.48%
