Despite Covid GDP Collapse, Big 4 Tech Companies Cruise Past Earnings Estimates

Which is why the US Congress and much of the rest of the world is coming to the conclusion that enough is enough. JL

Graham Starr reports in Business Insider:

Facebook beat Wall Street estimates for daily active users and reported double-digit revenue growth year-over-year. Amazon blew past Wall Street estimates, with $88.9 billion in sales last quarter. Apple exceeded Wall Street estimates for its fiscal third quarter. Apple's stock was up 5% and passed $400 per share for the first time. Google parent company Alphabet reported a decline of 2% year-over-year, the first time in its history it reported an annual decline in revenue. Still, it beat Wall Street estimates.

Facebook beat Wall Street estimates for daily active users and reported double-digit revenue growth year-over-year, sending its stock soaring 8% in after-hours trading.

Here are the key numbers, as well as Wall Street estimates, via Bloomberg:

• Revenue: $18.69 billion, up 11% year-on-year ($17.31 billion expected)
• Earnings Per Share (EPS) GAAP: $1.80 ($1.39 expected)
• Daily Active Facebook Users: 1.79 billion, up 12% year-on-year (1.74 billion expected)
• Monthly Active Facebook Users: 2.7 billion, up 12% year-on-year (2.63 billion expected)

—Rob Price

Amazon

Amazon blew past Wall Street estimates, with $88.9 billion in sales last quarter, but fell short on growth with Amazon Web Services. Amazon stock was up by as much as 6% in after-hours trading.

• EPS (GAAP): $10.30 versus expectations of $1.50 per share
• Revenue: $88.9 billion versus expectations of $81.24 billion
• AWS: $10.81 billion versus expectations of $11.01 billion

—Eugene Kim

Apple

Apple exceeded Wall Street estimates for its fiscal third quarter. Apple's stock was up 5% and passed $400 per share for the first time in after-hours trading.

• Q3 revenue: $59.7 billion. Analysts were expecting $52.3 billion. In the same quarter one year ago, Apple posted revenue of $53.8 billion.
• Q3 earnings per share (GAAP): $2.58. Analysts were looking for $2.07. In its third-quarter of 2019, Apple earned $2.18 a share.
• iPhone revenue: $26.4 billion, up 1.7% from $25.9 billion in its fiscal third-quarter 2019.
• Services revenue: $13.1 billion. Apple's revenue segment generated $11.5 billion in the same period last year.
• Wearables revenue: $6.4 billion. Apple posted $5.5 billion in revenue for its wearables business in last year's third quarter.

—Lisa Eadicicco

Alphabet

Google parent company Alphabet reported revenue of $31.6 billion minus traffic acquisition costs, a decline of roughly 2% year-over-year. This is the first time in its trading history that it reported an annual decline in revenue, first reported by CNBC. Still, it beat Wall Street estimates.

• Revenue: $31.6 billion (minus traffic acquisition costs), vs expectation of $30.5 billion.
• EPS (GAAP): $10.13, vs expectation of $8.27.
• Net Income: $6.96 billion.
• Google Cloud revenue: $3.01 billion.
• YouTube ad revenue: $3.81 billion.

—Hugh Langley