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Apple and Amazon post revenue beats in Q2 results
Apple reported quarterly revenue of $109.4 billion, while Amazon said revenue rose to $200.6 billion, and Amazon shares jumped more than 8% after hours.
Apple and Amazon both reported second-quarter results that beat Wall Street expectations for revenue, underscoring how investors are testing confidence in big tech as concerns persist about high AI spending. Apple said quarterly revenue totaled $109.4 billion, above the $108.65 billion forecast, and it posted earnings per share of $2.02, driven by sales of key products including iPhones and laptops.
Amazon reported revenue of $200.6 billion versus analyst expectations of $196.47 billion. The company also highlighted growth at its AWS cloud computing business and said it beat expectations on advertising revenue, though free cash flow declined.
Investors have focused closely on free cash flow in recent weeks after large capital expenditures, largely tied to AI buildouts, raised concerns about how soon those investments may translate into profits. The broader tech tape has been pressured as several prominent companies reported sizable AI infrastructure spending, with shares of Tesla and Meta falling after their latest earnings, and chip-sector volatility linked to companies like Nvidia.
The report also came amid pressure on some tech names following a selloff in chip stocks and amid attempts to position certain firms as safer bets. Apple’s shares were up about 23% for the year overall, though the stock edged lower after it reported that revenue from its services division was below market expectations, and Thursday marked CEO Tim Cook’s final earnings call before stepping down after 15 years.