Making sense of the markets this week: August 6, 2023 Aug 4th

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Making sense of the markets this week: August 6, 2023

– moneysense.ca

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.

Amazon primes the profit pump

Big tech finished earnings season with a bang on Thursday as Amazon absolutely crushed earnings expectations, while Apple, PayPal, and Airbnb offered more modest good news. All figures in this section are in U.S. dollars.

Tech earning highlights this week
Amazon (AMZN/NASDAQ): Earnings per share of $0.65 (versus $0.35 predicted) and revenues of $134.4 billion (versus $131.5 billion predicted). Share prices shot up more than 10% in extended trading after the earnings announcement. While Amazon’s 48-hour Prime Day may get most of the headlines, it’s important to note that Amazon Web Service (AWS) accounted for 70% of Amazon’s operating profit for the quarter.

Apple (AAPL/NYSE): Earnings per share of $1.26 (versus $1.19 predicted) and revenue of $81.80 billion (versus $81.69 billion predicted), were largely taken in stride in after-hours trading on Thursday evening, with shares down 2% following the earnings announcement…

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