Reupload Note: We recently changed the way we host our site. Unfortunately, during the transition, our previously uploaded articles were lost. This article has now been reuploaded and was originally posted on November 3, 2024. Unfortunately, for this particular article, the images have been lost. So this article will be chart-less.
Many major companies reported earnings this week.
Alphabet (GOOGL) reported earnings on Tuesday. EPS was $2.12 vs. the expected $1.85 and revenue was $88.27 billion vs. the expected $86.30 billion, beating expectations. Net income increased 34% this quarter, and revenue increased 15% over the last year. GOOGL is up 1.62% this week, although the price peaked on Wednesday.
Microsoft (MSFT) and Meta (META) both reported earnings on Wednesday. Microsoft’s revenue increased by 17%, and net income increased by 20%, beating expectations. MSFT is down 4.98% this week due to supply chain issues. META’s revenue increased by 19%, net income increased by 35%, and diluted EPS increased by 37%, reaching record highs. Despite promising earnings, META dropped 2.57% this week.
Apple (AAPL) and Amazon (AMZN) reported earnings on Thursday. Apple reported quarterly revenue of $94.9 billion, up 6% year over year and diluted EPS was $1.64, up 12% year over year. Amazon increased net sales by 11% this quarter, and operating income is up 55.3% year over year. AMZN is up 6.19% this week after this positive earnings report.
Looking Ahead
There is a lot of good stuff to take away from earnings week. However, with the election coming up on Tuesday, there's a lot of uncertainty in the markets. Certain sectors will surge if certain candidates are elected. So, until after the election results are in, we recommend to liquidate most investments. In next week's article, we'll discuss potential market outcomes after the election.
Comments