Facebook, Apple, Amazon, all reported quarterly earnings on Thursday that exceeded analyst expectations and sent shares higher.
On Friday, the three tech giants added a combined $274 billion in market value as stocks climbed.
The three firms plus Alphabet are worth more than $5 trillion combined and are some of the mostvvaluable companies in the S&P 500, making up about one-fifth of the index.
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Facebook, Apple, and Amazon added a combined $274 billion in market value Friday following blowout earnings results released on Thursday.
The three tech giants reported quarterly earnings that beat analyst expectations, sending shares higher.
Facebook reported impressive revenue and said that performance in July looks strong despite advertising boycotts, sending shares up more than 9% Friday. Amazon delivered a record profit, and Apple beat Wall street estimates — the companies surged as much as 6% and 7%, respectively.
Alphabet, which also reported earnings on Thursday, slipped Friday. Even though the company’s earnings exceeded analyst expectations, it reported its first annual revenue decline in trading history, sending shares lower.
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The better-than-expected results came just one day after the CEOs of the big four tech companies were grilled by the the House Judiciary’s antitrust subcommittee about their power, market share, and potential anticompetitive behavior.
The four firms are worth more than $5 trillion combined and are some of the most-valuable companies in the S&P 500, making up about one-fifth of the index.
This year, tech stocks have been major out performers — while the S&P 500 is roughly flat year-to-date, tech giants have outperformed. Facebook is up 23% year-to-date, Apple has gained about 39%, Amazon has risen roughly 74%, and Alphabet has increased nearly 13%.
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Source:: Business Insider