More Earnings Disappointment from Global Tech Giants

Tom Gentile

Posted in Big Picture

By: Tom Gentile on October 27th, 2022 • 3 mins read

Yesterday was a bearish day for the NASDAQ  much of the decline was attributed to the disappointing earnings numbers provided this week thus far by Microsoft, Alphabet and Meta Platforms (previously known as Facebook.

Today, after market, we got continued disappointing earnings numbers from Amazon (AMZN) and Apple, Inc. (AAPL) had disappointing news about their sales of the iPhone.

AMZN reported weaker-than-expected earnings and revenue for the third quarter. They also issued disappointing fourth-quarter sales guidance.

This has the stock dropped down about 19% in afterhours trading.

AAPL is trading down 4% at the time of this research. The catalyst is their reporting of weaker-than-expected iPhone revenue.

Even though the revenue was less than expected for that product the company still beat the earnings and revenue expectations of Wall Street, and that is helping a bit as the share price was down even more than 4% initially after market.

Key Earnings Tomorrow

All that disappointment in the tech sector saw the NASDAQ close down another 1.63% today despite 3rd quarter GDP coming in better than expected, which was the first positive GDP in the last 3 quarters.

We get a break from earnings from big tech tomorrow as the shift in focus will be to arguably the two biggest ‘Major’ oil companies Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) both reporting Before the Market Open (BMO).

Prior to the last couple of weeks of slight decline in Oil, which I analyze the chart of United States Oil Find, LP (USO) as my representation for oil and energy, Oil had been a leading sector for the markets.

We will see if their earnings, revenue, and guidance can help get that sector moving in a bullish fashion again.

Earnings for Next Week

Pfizer, Advanced micro Devices, and Starbucks are a few stocks that will be highlighted on the financial news networks when they report, but if you want the full list of stock and the dates they report you can go to any number of websites, but one we favor is www.earningswhispers.com.

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When on their site click on ‘Calendar’

You can search by those reporting BMO and AMC (After Market Close).

As much as we like this site, keep in mind the best place to get the earnings dates for a company is the company itself. One can call up Investor Relations for the company or go to their website and search up the Investor Relations portion of their website.