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Amazon rises as Apple falls amid earnings forecasts
The U.S. stock markets experienced mixed results following the earnings reports from Amazon and Apple for the quarter ending in June. Amazon's stock surged by 12% in pre-market trading, driven by a 37% growth in revenue from its cloud computing division, AWS—the fastest growth since 2021. The company continued its investment in artificial intelligence, with capital expenditures expected to reach $220 billion. In contrast, Apple's shares declined by 7, despite beating market expectations with its earnings. This decline was influenced by weak guidance for the current quarter's revenue, projected to grow only between 9% and 11%, due to supply chain issues and chip shortages. There are also indications of price hikes for Mac, iPad, and possibly iPhone devices. Although Apple's profits and revenues grew, its outlook's weakness, coupled with increased AI-related spending and inflation, negatively impacted its stock. Meanwhile, Amazon maintained positive market expectations.
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