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Stock futures extended gains Friday morning, with contracts on the Nasdaq jumping more than 100 points, or 1%, after a slew of better than expected corporate earnings results from major tech firms.
After market close, tech titans Facebook (FB), Amazon (AMZN), Apple (AAPL), and Alphabet (GOOG, GOOGL), each reported quarterly results that blew past estimates, affirming these companies’ pandemic-era dominance following a steep run-up in tech stocks over the past couple months.
Facebook grew its revenue 11% over last year as its advertising business remained resilient despite the pandemic-related slowdown across the broader ad industry. Alphabet’s ad business was hit more prominently by that trend, with Google ad revenue falling 8% over last year, though Alphabet’s overall top- and bottom-line results still topped estimates. Facebook’s daily active users jumped 13% to 1.79 billion and monthly active users rose 12% to 2.7% billion as the pandemic drove online engagement, though the company warned that these metrics would likely be flat to down slightly in most regions during the current quarter as trends moderate.
Amazon stood in a league of its own, reporting net income that doubled over last year to $5.2 billion, and net sales that grew 40% during the quarter, with pandemic-related spending on e-commerce platforms strongly benefiting Seattle-based company.
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