Big tech roils markets after shaky quarterly performances

Associated Press

Wall Street has its eyes on big tech after some of the biggest companies in the world posted lackluster quarterly financial performances.

That included Apple Inc. The company posted its first quarterly revenue drop in nearly four years after pandemic-driven restrictions on its China factories curtailed sales of the latest iPhone during the holiday season.

Amazon reported worse-than-expected fourth-quarter profits, but its revenue beat expectations boosted by sales in its cloud-computing unit AWS, which is also seeing a slow-down in growth.

Google’s parent company Alphabet posted a lower profit and a small revenue increase for last year’s fourth quarter, as a decline in online ad spending and competition from rivals weigh on the search giant. While overall revenue grew, advertising revenue fell by nearly 4% and revenue at YouTube declined 8% year-over-year.