Stocks moving in after-hours: Amazon, Alphabet, Apple
The online giant’s net sales $149.20 billion for the fourth quarter came in above analyst expectations of $149.20 billion. It’s adjusted earnings of 3 cents per share came in below estimates of 17 cents.
Amazon’s AWS cloud unit net sales came in at $21.38 billion, a growth of more than 20% compared to the same period in 2022. Operating income came in at $2.74 billion, beating analyst expectations of $2.51 billion.
Shares of Google parent Alphabet are trading 6% lower in after hours. The tech giant reported fourth quarter sales, excluding partner payouts, of $63.1 billion versus analyst expectations of $63.2 billion.
Advertising revenue fell by 4% while YouTube revenue dropped 8%, reflecting a challenging ad environment amid a slowing economy.
Sundar Pichai, CEO of Alphabet and Google, made reference to the company’s AI in its earnings release.
“Our long-term investments in deep computer science make us extremely well-positioned as AI reaches an inflection point, and I’m excited by the AI-driven leaps we’re about to unveil in Search and beyond.,” said Pichai.
Shares fell about 4% in after hours after the tech giant’s quarterly revenue of $117.15 billion declined by 5% year-over-year, missing analyst expectations of $121.14.
iPhone sales dropped 8% year-over-year to $65.8 billion, missing estimates of $68.3 billion. The company’s earnings per share of $1.88 vs also came in below expectations of $2.10.
Apple’s production and shipments were impacted last year amid COVID lockdowns in China.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
Click here for the latest trending stock tickers of the Yahoo Finance platform
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube