Barbados Times

Barbados, Caribbean & World News
Thursday, Mar 23, 2023

Apple, Amazon and Google all offer gloomy outlooks in quarterly results

Apple, Amazon and Google all offer gloomy outlooks in quarterly results

Fears of a recession have dampened explosive growth enjoyed by tech companies throughout the pandemic.
Three of Silicon Valley’s largest companies posted disappointing financial results on Thursday, compounding concerns about a slowdown in the tech sector.

Recession fears have hit both corporate and consumer spending globally, leading to the likes of Apple, Alphabet and Amazon all signalling a tough recovery from the highs of 2021.

Alphabet, the parent company of Google, reported subdued quarterly revenues as spending on digital advertising was reduced amid economic uncertainty.

Revenue from Google’s advertising business, which includes Search and YouTube, dropped from £52bn to £48bn. Shares in the company fell by more than 5% in after-hours trading.

Last month, Alphabet announced 12,000 workers would be made redundant globally.

The "difficult news" about the job losses - about 6% of the total workforce - was revealed by Alphabet chief executive Sundar Pichai in an email to employees.

Similarly, Apple missed both sales and profits targets in the last quarter, hampered by production issues and lower demand for the company’s flagship iPhone.

The company’s sales dropped by 5% to £95bn, and were down across all product categories except iPads and services, which saw modest growth.

Apple also missed its first Wall Street profits forecast since 2016, delivering earnings per share of £1.54 against analyst estimates of £1.59 per share.
But there was one silver lining for the company: chief executive Tim Cook said production was now "back where we want it to be" following the relaxing of China's zero-COVID policies.

Meanwhile, e-commerce giant Amazon posted a positive quarter for the holiday period, but issued a warning about the pace of growth in its critical cloud computing division.

The company, which cut 18,000 jobs at the beginning of January, defied Wall Street expectations and reported sales of £121bn, a jump of 9% compared to the same period last year.

It also predicted that sales for the current quarter would be in line with analyst estimates.

But more concerningly, Amazon’s long-time profit engine has started to show signs of a sharp slowdown.

Amazon Web Services sales growth slowed to 20% in the last three months, the lowest rate of expansion since the company began publishing numbers on the division.

After exploding in popularity during the pandemic and hiring some additional 800,000 workers, the current chief executive Andy Jassy has tried to sharply reduce spending, cutting non-essential business arms and slowing hiring, after Amazon’s share price fell by nearly 50% last year.

The drop wiped about £678bn from the company’s market valuation.
Newsletter

Related Articles

Barbados Times
Close
0:00
0:00
Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Home Secretary Suella Braverman tours potential migrant housing in Rwanda as asylum deal remains mired in legal challenges
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
Jeremy Hunt insists his Budget will get young parents and over-50s back into work
If this was in Tehran, Moscow or Hong Kong
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
Mexican President Claims Mexico is Safer than the U.S.
A brief banking situation report
Lady bites police officer and gets instantly reaction
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Silicon Valley Bank exec was Lehman Brothers CFO
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
BBC Director General, Tim Davie, has apologized, but not resigned, yet, following the disruption of sports programmes over the weekend
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Fitness scam
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Senator Tom Cotton: If the Mexican Government Won’t Stop Cartels from Killing Americans, Then U.S. Government Should
Banking regulators close SVB, the largest bank failure since the financial crisis
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Spain officials quit over trains that were too wide for tunnels...
Don Lemon, a CNN anchor, has provided a list of five areas that he believes the black community needs to address.
Hello. Here is our news digest from London.
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
Givenchy Store in New York Robbed of $50,000 in Merchandise
European MP Clare Daly condemns US attack on Nord Stream
Former U.S. President Carter will spend his remaining time at home and receive hospice care instead of medication
Tucker Carlson called Trump a 'demonic force'
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History
White House: No ETs over the United States
U.S. Jet Shoots Down Flying Object Over Canada
Being a Tiktoker might be expensive…
SpaceX, the private space exploration company, made a significant breakthrough in their mission to reach space.
China's top tech firms, including Alibaba, Tencent, Baidu, NetEase, and JD.com, are developing their own versions of Open AI's AI-powered chatbot, ChatGPT
This shocking picture, showing how terrible is the results of the earthquake in Turkey
President Joe Biden delivered the 2023 State of the Union Address , in order to help Americans that missed the 2022 speech, do not have internet, and suffer from short memory.
The desk of King Carlos Alberto of Sardinia has many secret compartments
Today's news from Britain - 9th February 2023
The five largest oil companies in the West generated combined profits of nearly $200 billion in 2022, which has led to increased calls for governments to impose tougher windfall taxes
×