How Well Are Top Tech Companies Performing Heading Into Earnings? 'Phenomenally Well'

corporate earnings. This may be justified as the most likely outcome for tech companies is upside to guidance, at least according to Aegis Capital's Victor Anthony. Nearly every metric that investors follow relating to Facebook Inc FB, Amazon.com, Inc. AMZN and Google GOOG GOOGL)'s respective businesses are coming in positively, Anthony explained during CNBC's "Squawk Alley" segment Friday. As such, tech companies are performing "phenomenally well," and there is no reason for earnings to not come in above expectations and be accompanied with encouraging guidance.

Tech Stocks Are Still Cheap

Many technology stocks are trading at or near their all-time highs in terms of a dollar amount, Denny Fish of Janus Henderson Investors added to the conversation. But looking at the stocks from a valuation perspective paints a different picture.

For instance, Facebook and Alphabet's stock are merely trading at a similar multiple to consumer staples stocks, and based on this comparison, technology stocks certainly have room to grow even higher.

"This earnings season is just a continuation of what we have seen for the last 18 months where the secular dynamics is really strong for most of the names," he continued. "I expect a reasonably healthy earnings season, reasonable guidance."

Anthony agrees and offered an example. Shares of Facebook are still trading at a discount to its 30 percent EBITDA growth rate over the next three years versus a 14x EV/EBITDA multiple today. But that alone won't prompt investors to rush to buy the stock unless the company shows a re-acceleration of advertising revenue growth along with healthy usage numbers. Related Links: Tech ETFs Are Still Tempting 5 Reasons To Be Increasing Your Large Cap Exposure Right Now