Alphabet, Microsoft and Now Meta Release Disappointing Quarterly Earnings

Alphabet, Microsoft and Now Meta Release Disappointing Quarterly Earnings

Meta joined Alphabet and Microsoft in releasing disappointing quarterly financials, following the company’s Q2 earnings call. In a week of a disappointment for mega-cap stocks, the trio has all missed revenue and earnings expectations, with Meta seeing its first quarterly sales decline ever recorded.

Economic Slowdown

Due to the current global economic slowdown, markets had anticipated that earnings of mega-cap stocks which account for 40% of the Nasdaq, and 30% of the S&P 500 could face a bloodbath.

However, although earnings have disappointed, and came in worse-than expected across the board, some analysts suggest that the situation might have been more dire.

The International Monetary Fund (IMF) recently announced that it was revising its 2022 global GDP forecast, from 3.6% at the start of April, to now expecting growth of 3.2% for the remainder of the year.

This seems to have been reflected in the earnings report released by three of the world’s largest tech companies.

Alphabet

Alphabet, the parent company of Google was one of the first companies to release earnings this week, with figures falling short of expectations.

The company reported revenue for the second quarter had risen by 13% to $69.7 billion, which was lower than the expected $70.8 billion.

Q2 earnings came in at $1.21 per share, which was less than the consensus of $1.27 per share for the quarter.

Microsoft

Microsoft also fell short of expectations, with both earnings and revenue figures disappointing for Q2.

The company founded by Bill Gates reported that earnings came in at $2.23 per share, versus general expectations of $2.29 per share.

Quarterly revenue was reported at $51.87 billion, which was less than the $52.44 billion analyst had forecasted.

Meta

Finally Meta, formerly Facebook, also reported disappointing financial results for the second quarter of the year.

They confirmed that revenue totaled $28.82 billion for April – June, which was marginally lower than the anticipated $28.94 billion.

EPS, earnings per share was reported at $2.46, versus hopes of $2.56 per share,which comes despite daily active users on Facebook climbing to 1.97 billion versus 1.95 billion expected.

Following the earnings call, CEO Mark Zuckerburg stated that, “We seem to have entered an economic downturn that will have a broad impact on the digital advertising business”.

Amazon and Apple are the next two mega-cap stocks to release their earnings later today, do you expect this trend to continue?

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Bitcoin Poised For Recovery, Relief Summer still In Play?

Bitcoin has been able to make a resurgence in recent weeks. The 25,000 USD barrier was recaptured by Bitcoin prices just two days ago, marking the first time since June 13th. Bitcoin Poised For New Rally In June, Bitcoin had its largest monthly decline since 2011, falling over 37.3% to a final value of $19,925.

Expert Reveals How “Fake Supply” Is Killing Your Bitcoin Gains

Caitlin Long, the founder and CEO of Custodia Bank, reveals that the BTC price should have hit somewhere close to six figures in the previous cycle. In an interview with Robert Breedlove’s “What Is Money” podcast, Long reveals that “paper bitcoin” has created a fake supply of BTC. The 21 Million Trap Bitcoin’s limited supply

Selling Bitcoin In Fear Of Mt. Gox dump? Here’s What Expert Suggests

Mt. Gox, a Japan based cryptocurrency exchange lost around 850,000 Bitcoins in an alleged hack back in 2014. It has been reported that the creditors will begin to receive some of the stolen assets. However, this event has raised vital concerns regarding the price stability of Bitcoin. Creditor to choose Bitcoin’s fate? As per reports,

Soneva’s Luxury Resorts Now Accept Crypto Payments

Luxury resort chain Soneva has reportedly begun accepting cryptocurrency payments at its resorts in the Maldives and Thailand. “Accepting cryptocurrencies as a payment method is another example of enabling our international guests to easily make payments from anywhere in the world.” Soneva Accepts Cryptocurrency Payments Luxury resort chain Soneva has reportedly begun accepting payments in