Apple, Amazon, Mastercard and other mega cap stocks have published their quarterly earnings.
Leading equity indices in the US declined as Nasdaq lost 1.03% and ended the session at 11,000. After dropping 0.75%, S&P 500 closed at 3,872.
What is an earnings report?
An earnings report is an official statement of a company's profitability over a certain period of time. These reports are typically announced once a quarter, and their timing is considered when making predictions about the market due to the large impact they have on it.
Markets were down, mega cap stocks have released their quarterly earnings reports. Have a look at this rundown.
Apple | Extends $4 since strong earnings report Thursday
Apple was down, even though its quarterly earnings released on Thursday beat the analysts’ estimates. The reported earnings of 1.29 per share on revenue of $90.15 billion, topping estimates of 1.27 per share on revenue of $88.90 billion.
The sleek phone manufacturer has almost recovered all its losses from a previous close of $155.74 after dipping down to $151.93 yesterday.
The mobile and tech colossus is now trading 19.74% above the significant low ($130.06) it slumped to 4 months ago. So far in 2022 it has been beating the Nasdaq by 28%. The company's market cap is $2.46 trillion with an average daily trading volume of 88.76 million shares.
Amazon | Retains downward momentum since earnings report Thursday
The company reported earnings of 0.17 per share Thursday, falling short of expectations of 0.22. Revenue was also lower than expected at $127.10 billion versus $127.45 billion. Amazon lost 11.43% since the release of its earnings report.
Jeff Bezos’s company has almost recovered all its losses from a previous close of $103.41 after dipping down to $100.74 yesterday.
The tech and retail multifaceted giant has shed 24.16% over the past three months. So far in 2022, it has been outperforming the Nasdaq by 3.91%. The company has a market cap of $1 trillion with an average daily volume of 69.49 million shares.
Mastercard | Extends $8.67 since strong earnings report Thursday
Mastercard was down, even though its quarterly earnings released on Thursday beat the analysts’ estimates. The reported earnings of 2.68 per share on revenue of $5.76 billion, topping estimates of 2.56 per share on revenue of $5.65 billion.
Mastercard has almost recovered all its losses from a previous close of $329.47 after dipping down to $323.78 yesterday.
Having set a significant high of $396.75 20 days ago, Mastercard is trading 16.26% lower. So far in 2022, it has performed better than the S&P by 12.08%. The company's market cap is $315.53 billion with an average daily trading volume of 3.23 million shares.
Meta | Positive surprise Wednesday
Facebook was down, even though its quarterly earnings released on Wednesday beat the analysts’ estimates. The reported earnings of 3.22 per share on revenue of $27.71 billion, topping estimates of 1.88 per share on revenue of $27.38 billion.
An influx of sellers pushed Mark Zuckerberg's company to end the session lower around $93.16, while establishing a $92.6 to $99.32 session range yesterday.
Having set a significant high of $347.56 a day ago, Mark Zuckerberg's company is trading 6.48% lower. So far in 2022, it has been under-performing the Nasdaq by 27.64%. The company's market cap is $247 billion with an average daily trading volume of 52.67 million shares.