Alphabet's thrashing; Intel's recovery; Meta's warning: Weekly tech roundup
By Louis Juricic and Sarina Isaacs
Investing.com — Here is your weekly Pro Recap on the biggest headlines out of tech this past week: Earnings beats for Microsoft, Meta and Amazon — but Amazon warns; Intel issues rosy forecast; and Alphabet misses.
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Amazon (NASDAQ:AMZN) on Thursday said Q3 earnings came in at $0.94 per share, flattening the $0.58 estimate, on $143.1 billion in revenue vs. the $141.53B consensus.
Cloud unit Amazon Web Services sales climbed 12% to $23.1B, slightly missing estimates of $23.2B, although it also indicated that growth there was stabilizing.
The company expects total sales of $160B to $167B next quarter, under the average Street target of $167.2B.
«Overall this was a strong print & in-line with our retail margin thesis,» said Piper Sandler, which cut the price target by $15 to $170 per share.
Citi hiked the price target by $10 to $177, citing a combination of «attractive valuation» and «a structurally more profitable business.»
«We believe AWS is well positioned to deliver accelerating growth as optimization headwinds abate as Amazon gains consumer wallet share given the mix-shift to essentials, while expanding margins,» analysts said.
At the same time, Reuters reported that the company warned that discretionary spending was weaker, saying in a call with reporters that they «still see customers remaining cautious about price, trading down where they can and seeking out deals.»
Shares gained some 2% for the week to $127.74.
Microsoft (NASDAQ:MSFT) said late Tuesday that fiscal Q1 earnings totaled $2.99 per share on sales of $56.52B, comfortably surpassing estimates for $2.65 and $54.53B,
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