Tech earnings: Breaking down the big takeaways from Apple, Amazon, Alphabet
Yahoo Finance tech editor Dan Howley joins the Live show to recap the earnings action seen from tech sector leaders.
- Tech stocks are in the red after earnings. Yahoo Finance's Dan Howley here with the biggest takeaways. Dan, perhaps, we start with Apple and then what you took away from that on the earnings release here.
DAN HOWLEY: Let's go to it. I mean, the biggest, obviously, was that they saw revenue decline year-over-year. This is one of the biggest declines they've had in quite a while, the first they've had since 2019. I know we were expecting this, but still. IPhone sales, that's really what I'm looking at. That declined 8% year-over-year and missed analyst expectations.
We had $65.7 billion on sales. Analysts were looking at $68.3 billion. Mac revenue, that was also off. We were expecting for that to decline as well. Surprisingly, iPad revenue beat expectations, and so did services revenue, but that was just by a hair. So we were expecting this kind of problem with Apple because of the logistical challenges they had in China, as well as the softening demand for smartphones. But still, 8% decline is pretty stark when it comes to this company.
- And certainly you see that concern reflected in the after hours action right now.