Big Tech Calls From Apple, Amazon, Alphabet Paint 'Different Picture' Than What Tech Bears Hoped For Says, Wedbush Analyst

Zinger Key Points
  • Big Tech earnings were in focus on Thursday as Apple, Amazon and Alphabet reported numbers.
  • Ives noted that though caution was in the air demand environment different from one tech bears envisioned.
  • Ives noted Apple CEO Tim Cook appeared confident at the company's earnings call.

Wedbush analyst Dan Ives said Thursday that calls from Apple Inc AAPL,, Inc AMZN and Google parent Alphabet Inc GOOGL GOOG are painting a different “picture of demand” than what tech bears conceived. 

What Happened: Ives said on Twitter, “Big Tech calls from Apple, Amazon, and Alphabet painting a much different picture of demand environment than the tech bears were hoping for.”

“Caution in the air BUT sounds more like soft landing backdrop. Many yelling fire into a crowded theater-tech eps season better than feared,” said the Wedbush analyst.

Ives said in an earlier tweet that Apple's demand is holding up "firmer than feared" He said the Services segment was "showing rebound which is key."

Ives said Apple CEO Tim Cook was confident at the company's conference call. He said the March iPhone commentary was positive and will be a focus of the Street. He said, "Teflon like is Cupertino despite macro storm clouds."

See Also: Best Blue Chip Stocks Right Now 

Why It Matters: Apple reported first-quarter earnings per share of $1.88 missing a consensus estimate of $1.94 per share. iPhone revenue declined 8.17% year-over-year to $65.78 billion falling short of a $68.9 billion forecast by Morgan Stanley analyst Erik Woodring.

Amazon reported fourth-quarter net sales of $149.2 billion, a rise of 9% year-over-year, a number ahead of the Street estimate of $145.45 billion, according to Benzinga Pro data.

Alphabet said its fourth-quarter revenue rose 1% year-over-year to $76.05 billion beating the average analyst estimate of $75.69 billion. The company said it is on an “important journey” to re-engineer its cost structure.

Read Next: Tesla, Amazon, Apple, Alphabet, Gaucho Group: Why These Five Stocks Are Drawing Investors' Attention Today?

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