On Thursday , Meta and Amazon blew the expectations of many as the quarterly results of Tech Giants were out on the wall street with Stellar results.
A big tech behind Facebook and Instagram , gained a profit of $14 billion in the final three months of last year, beating analyst forecasts as revenue climbed to $40.1 billion in the quarter.Facebook’s monthly users stood at 3.07 billion people, 20 years after the platform was founded by Mark Zuckerberg in a Harvard dorm , as per the company statement.
Amazon also reported a profit of more-than-expected $170 billion in the last quarter of last year , after the end of its record breaking holiday season.
Tech Titan Meta Bounces Back again…..
A Catastrophic year 2022 , a year in which all the unfortunate things happened like unprecedented layoffs, doubts about the company’s embrace of virtual reality and feuds with regulators , which had not been an easy one for the social networking giant.
After the Disastrous year , Zuckerberg has once promised a “year of efficiency” which eventually paid off with both headcount and costs dropping, and Meta exceeding expectations for full-year 2023 ad revenue , as per the statement of analyst Jasmine Enberg of Insider Intelligence.
“We had a good quarter as our community and business continue to grow,” Meta CEO Zuckerberg said in an earnings release.
Notably , Meta shares jumped more than 14 percent to top $445 in after-market trade.Facebook changed its parent company name to Meta in late 2021
Amazon amazes tech investors……
Amazon‘s shares have risen by 50 percent in the past 12 months as investors applauded its aggressive cost-cutting and an increase in sales.
more than one billion items were purchased worldwide during the company’s Black Friday and Cyber Monday holiday shopping events , as per the company statement.
Though weaker than the cloud computing Colossus Microsoft which grew by whooping 30% , Main cash cow of Amazon , namely Amazon Web Services (AWS) grew 13 percent in the fourth quarter.On the other side , the tech firm has seen an impressive growth of 30 % in business advertisement , coming closer to its rivals namely Meta & Google by bolstering it’s position in the same.
Much like Meta , the company established by Jeff Bezos is also footing towards AI as it was testing a chatbot named Rufus that would provide shopping tips to US mobile app customers , as per the company statement on Tuesday.
“We’re building dozens of generative AI applications across the company,” Jassy said on an earnings call.
Employee count of Amazon stood at 1.525 million at the end of 2023, down one percent from a year before , as per the the company.
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