Key Points
This week, four major tech companies—Amazon (NASDAQ: AMZN), Meta Platforms (NASDAQ: META), Alphabet (NASDAQ: GOOG, GOOGL), and Microsoft (NASDAQ: MSFT)—reported their earnings on April 29 after market close. Each company posted revenue growth that surpassed analysts’ expectations, indicating positive momentum driven by advancements in artificial intelligence (AI).
Alphabet reported a 22% revenue increase to over $109 billion for the quarter, marking its 11th consecutive quarter of double-digit growth. Notably, revenue from its generative AI models surged by almost 800%. In a similar vein, Amazon Web Services (AWS) saw a 28% revenue increase to over $37 billion year-over-year. AWS also experienced its largest quarter-over-quarter increase in revenue, adding $2 billion from the previous quarter.
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