Alphabet's thrashing; Intel's recovery; Meta's warning: Weekly tech roundup
Investing.com -- Here is your weekly Pro Recap on the biggest headlines out of tech this past week: Earnings beats for Microsoft, Meta and Amazon - but Amazon warns; Intel issues rosy forecast; and Alphabet misses.Cloud unit Amazon Web Services sales climbed 12% to $23.1B, slightly missing estimates of $23.2B, although it also indicated that growth there was stabilizing.
Citi hiked the price target by $10 to $177, citing a combination of"attractive valuation" and"a structurally more profitable business." Microsoft's investments in AI - including its famous $10B bet on OpenAI, which created the popular AI tool ChatGPT - are expected to continue to drive growth: Wedbush said it believes over half of Microsoft's installed base"will ultimately use the AI functionality for the enterprise/commercial landscape," representing"a major monetization opportunity" that is already playing out.
The analysts added,"Top-line tracking well, but margin contraction and a soft cloud print weighs heavily on the question 'why buy Google here?'" In terms of overall earnings and revenue, Meta reported adjusted EPS of $4.39 - smashing the $3.64 average target - on a top line of $34.15B vs. analysts' expectation for $33.57B.
Oppenheimer reiterated its bullish view on Meta on"3Q's continued revenue outperformance and cost control, despite conservative low end of 4Q guide on Middle East."
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