Google and Apple report downbeat results for the last quarter of 2022 as Amazon beat expectations but warns that the coming months would be uncertain in a difficult moment for Big Tech
Google parent Alphabet's revenue of $76 billion in its fourth quarter and profit of $13.6 billion were below what it made in the same period a year earlier, with share prices falling more than 3 percent in after-market trade.
The souring mood followed a long spell of outsized growth during the peak Covid-19 period when consumers went online for work, shopping and entertainment. "It's clear that after a period of significant acceleration in digital spending during the pandemic, the macro economic climate has become more challenging," Google CEO Sundar Pichai said in an earnings call.
Apple sales were hit by curtailed production at factories due to China's zero-Covid policy that was only recently lifted. "The world continues to face unprecedented circumstances, from inflation to war in Eastern Europe, to the enduring impacts of the pandemic and we know that Apple is not immune to it," Cook said.
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