Tech Giants Making a Comeback as Evident from Google, Microsoft Recent Earning Reports
The tech industry around the world seems to have been reviving in the last few months. It is evident from the performance of major tech companies, which are making a positive comeback from last year. These include Alphabet, Microsoft, and Snap. These started their earning seasons with impressive sales results for the quarter that ended in September.
A report showed quarterly sales reaching up to $76.69 billion, reporting a growth of 11% from the same period in the previous year. In addition, the company reported profits of $19.69 billion for the recent quarter.
On the other hand, Microsoft reported a 13% year-on-year sales increase to $56.5 billion, also exceeding forecasts. The company made $22.3 billion in quarterly profits, reporting a 27% increase over the same period last year.
On Tuesday, Snapchat’s parent company, Snap, stated that following two straight quarters of falling sales, they kept on increasing in the September quarter. The business announced sales of around $1.2 billion, which was more than the prediction of experts and an increase of 5% from the same time last year.
The impressive outcomes follow a challenging 2022 in which advertisers and other customers reduced their spending due to worries about the economic conditions. Microsoft, Alphabet, Snap, and other tech giants implemented major layoffs and other cost-cutting measures throughout the course of the previous year.
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