Big Tech shares surge as results impress

The Big Tech quartet demonstrated its dominance on Thursday, after Apple, Amazon, Facebook and Google-parent Alphabet all reported earnings that beat Wall Street's expectations - the first time all four companies posted financial results on the same day, and a day after the CEOs from each outfit took a congressional beating from lawmakers who alleged they abuse their colossal market power.

Amazon posted its biggest profit in the company's 26-year history. CEO Jeff Bezos calling it "another highly unusual quarter," while brick-and-mortar retailers over the same period had to shut stores during government-imposed lockdowns.

The e-commerce giant's profit beat Wall Street's expectations so much so it looked like a typo. Earnings per share coming in at more than $10 versus an estimated $1.46.

The biggest of the big, Apple, not only posted blowout results but announced a stock split, making the purchase of its shares more accessible to the masses.

Apple reported year-on-year revenue gains across every category and in every geography as consumers working and learning from home turned to its products and services.

Facebook smashed Wall Street estimates for the quarter as well, raking in ad sales as businesses used its digital advertising tools to tap a surge in online traffic during stay-at-home orders even as they slashed marketing budgets elsewhere.

But Alphabet - the $1 trillion dollar parent of Google - did not fare as well as Mark Zuckerberg's social network, posting its first revenue decline in the company's history, but the decline was less than expected as many advertisers stuck with the most popular online search engine over the last few months.

In extended trading, shares of Facebook and Amazon climbed 6% with Apple rising 5% following their reports, while shares of Alphabet were only slightly higher.

All the stocks were already trading at or near all-time highs in the regular session Thursday.