Google, Apple, Amazon give investors reason to fret
FILE- In this Feb. 14, 2018, file photo the logo for Alphabet appears on a screen at the Nasdaq MarketSite in New York. Alphabet Inc. reports financial earnings on Thursday, Feb. 2, 2023. (AP Photo/Richard Drew, File)
Wall Street had its eyes Friday on big tech after some of the biggest companies in the world posted lackluster quarterly financial performances.
That included Apple Inc. The company posted its first quarterly revenue drop in nearly four years after pandemic-driven restrictions on its China factories curtailed sales of the latest iPhone during the holiday season.
Amazon reported worse-than-expected fourth-quarter profits, but its revenue beat expectations boosted by sales in its cloud-computing unit AWS, which is also seeing a slow-down in growth.
Google’s parent company Alphabet posted a lower profit and a small revenue increase for last year’s fourth quarter, as a decline in online ad spending and competition from rivals weigh on the search giant. While overall revenue grew, advertising revenue fell by nearly 4% and revenue at YouTube declined 8% year-over-year.
Amazon ended Friday down 8.4% and Alphabet lost 2.8%. Apple bounced back, finishing the day up 2.4%.
Before you consider Amazon.com, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Amazon.com wasn’t on the list.
While Amazon.com currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
