TECH - Big Tech Earnings Are Just Around the Corner | Benzinga
Next week, part of the Magnificent 7, namely Meta Platforms (NASDAQ: META), Google’s parent Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL), Amazon.com Inc (NASDAQ: AMZN), and Microsoft Corporation (NASDAQ: MSFT) will step into the earnings spotlight, showing the world the way another insight into where it’s headed with the development of generative AI.
Meta’s fourth quarter achievement showed the effectiveness of its strategy to enhance profits.
With its fourth quarter, Meta smashed estimates with an exceptional performance. Fourth quarter revenue surged 25% YoY to $40.1 billion, with is the most rapid growth that Meta recorded since mid-2021. Along with a cost-cutting initiative with which Meta lowered costs 8% on a YoY basis, its operating margin more than doubled as it reached 41%. This financial strength fueled the net income to more than triple to $14 billion or $5.33 per share. Meta also did a good job at taking care of its user base with 2.11 billion daily active users and 3.07 billion monthly active users, with the average revenue per user reaching $13.12. As for the guidance, Meta guided for 2024’s first quarter revenue to be in the range between $34.5 to $37 billion.
Alphabet’s fourth quarter results market quite a turnaround.
Google-parent reported its fourth quarter net income surged 52% YoY to $20.7 billion or $1.64 per share, with significant improvement in profitability ...