Amazon.com Inc AMZN shares are trading higher in Thursday’s after-hours session following a pair of blowout quarters from mega-cap peers Microsoft Corp MSFT and Alphabet Inc GOOG.
Microsoft beat analyst estimates on the top and bottom lines when it reported earnings after the bell on Thursday. The company said third-quarter revenue increased 17% year-over-year to $61.9 billion, versus estimates of $60.804 billion. Microsoft reported quarterly earnings of $2.94 per share, versus estimates of $2.82 per share. Shares were up more than 4% at last check. “Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry," said Satya Nadella, chairman and CEO of Microsoft. Related Link: What Happened With Microsoft?
What Happened With Alphabet?
Google parent Alphabet said its first-quarter revenue increased 15% year-over-year to $80.539 billion, beating the consensus estimate of $78.594 billion. The company reported quarterly earnings of $1.89 per share, beating analyst estimates of $1.51 per share.
“Our results in the first quarter reflect strong performance from Search, YouTube and Cloud. We are well under way with our Gemini era and there’s great momentum across the company. Our leadership in AI research and infrastructure, and our global product footprint, position us well for the next wave of AI innovation,” said Sundar Pichai, CEO of Alphabet.
Alphabet’s board also authorized an additional share repurchase program of up to $70 billion and announced its first-ever quarterly dividend of 20 cents per share. Alphabet shares were up approximately 13.5% at the time of writing.
Don’t Miss: Alphabet Q1 Earnings: Revenue Beat, EPS Beat, $70B Buyback, First-Ever Dividend, AI Leadership And More
What To Expect From Amazon
Amazon shares faced selling pressure throughout the day on Thursday after Meta Platforms Inc META shares sold off on earnings. Weakness spread to several other mega-cap tech stocks as fears over earnings mounted. Amazon stock is bouncing back after hours after Microsoft and Alphabet eased investor concerns.
Amazon is scheduled to report its first-quarter financial results after the market close on April 30. The company is expected to report earnings of 83 cents per share on revenue of $142.495 billion, according to estimates from Benzinga Pro.
AMZN Price Action: Amazon shares closed Thursday’s regular session down 1.65%. The stock was up 3.07% after hours at $178.98 at the time of publication, per Benzinga Pro.
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