Big Tech Calls From Apple, Amazon, Alphabet Paint ‘Different Picture’ Than What Tech Bears Hoped For Says, Wedbush Analyst
Wedbush analyst Dan Ives said Thursday that calls from Apple Inc AAPL , Amazon.com, Inc AMZN and Google parent Alphabet Inc GOOGL GOOG are painting a different picture of demand than what tech bears conceived.
What Happened: Ives said on Twitter, Big Tech calls from Apple, Amazon, and Alphabet painting a much different picture of demand environment than the tech bears were hoping for.
Big Tech calls from Apple, Amazon, and Alphabet painting a much different picture of demand environment than the tech bears were hoping for. Caution in the air BUT sounds more like soft landing backdrop. Many yelling fire into a crowded theater-tech eps season better than feared Dan Ives (@DivesTech) February 2, 2023
Caution in the air BUT sounds more like soft landing backdrop. Many yelling fire into a crowded theater-tech eps season better than feared, said the Wedbush analyst.
Ives said in an earlier tweet that Apple's demand is holding up "firmer than feared" He said the Services segment was "showing rebound which is key."
Street was fearing a negative Apple conf callyet demand holding up firmer than feared. Services showing rebound which is key. Clearly some wild cards but this is not an Cupertino backing down on demand front. When Cook talks everyone listens. A masterpiece conf call for tech. Dan Ives (@DivesTech) February 2, 2023
Ives said Apple CEO Tim Cook was confident at the company's conference call. He said the March iPhone commentary was positive and will be a focus of the Street. He said, "Teflon like is Cupertino despite macro storm clouds."
This is a confident Cook on the conf call. Macro remains uncertain but December was a supply chain China situation as we discussed. March iPhone commentary positive and will be a focus of the Street. Teflon like is Cupertino despite macro storm clouds. Dan Ives (@DivesTech) February 2, 2023
See Also: Best Blue Chip Stocks Right Now
Why It Matters:Apple reported first-quarter earnings per share of $1.88 missing a consensus estimate of $1.94 per share. iPhone revenue declined 8.17% year-over-year to $65.78 billion falling short of a $68.9 billion forecast by Morgan Stanley analyst Erik Woodring.
Amazon reported fourth-quarter net sales of $149.2 billion, a rise of 9% year-over-year, a number ahead of the Street estimate of $145.45 billion, according to Benzinga Pro data.
Alphabet said its fourth-quarter revenue rose 1% year-over-year to $76.05 billion beating the average analyst estimate of $75.69 billion. The company said it is on an important journey to re-engineer its cost structure.
Read Next: Tesla, Amazon, Apple, Alphabet, Gaucho Group: Why These Five Stocks Are Drawing Investors' Attention Today?
