Apple and Amazon both released second quarter earnings on Thursday, beating Wall Street expectations. Apple reported quarterly revenue of $109.4 billion and earnings of $2.02 per share, driven by iPhone and laptop sales, while Amazon posted revenue of $200.6 billion, with growth in AWS and advertising revenue, though free cash flow declined. Amazon's stock jumped more than 8% in after-hours trading, while Apple's shares dipped slightly after services revenue missed expectations. The results come amid broader tech volatility, with investors concerned over heavy AI spending and a recent chip stock selloff. The earnings call was also CEO Tim Cook's final report before stepping down after 15 years, with Apple's market value having grown from around $350 billion in 2011 to over $5 trillion, and he will be succeeded by longtime hardware executive John Ternus.
Apple Inc.Services revenue missed expectations, causing shares to dip slightly.
Amazon.com IncRevenue beat expectations with growth in AWS and advertising, stock jumped 8%+.
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