Revenues of tech giants Apple, Amazon, and Meta soar

Apple has announced its financial results for the three-month period ending December 30, 2023, which it considers the first quarter of its 2024 fiscal year.

2 PERCENT INCREASE FROM APPLE

Accordingly, the company's revenue rose by 2 percent compared to the same period in 2022, reaching 119.6 billion dollars. The company had generated 117.1 billion dollars in revenue during the same period the previous year.

The company's revenue exceeded market expectations of 118 billion dollars, marking its first increase in the last year.

On the other hand, sales in China, one of the company's key markets, showed a 13 percent decline. Apple's services revenue reached an all-time high of 23.1 billion dollars. Apple's net profit in the last three months of last year increased by 13 percent compared to the same period the previous year, rising to 33.9 billion dollars. The company's net profit was recorded at approximately 30 billion dollars in the same period of 2022.

The firm's earnings per share also rose from 1.88 dollars to 2.18 dollars during the period in question.

IPHONE AND MAC SALES INCREASED

During this period, while Apple's smartphone and computer sales increased, tablet sales decreased.

The value of iPhone sales rose by approximately 6 percent in the October-December 2023 period compared to the same period the previous year, reaching 69.7 billion dollars. In the same period, Mac sales increased by 0.6 percent to 7.8 billion dollars, while the value of iPad sales fell by 11 percent to 7 billion dollars.

META ANNOUNCES DIVIDEND PAYOUT

According to Meta's balance sheet for the October-December period, the revenue the company generated in the last quarter of last year increased by 25 percent compared to the same period in 2022, reaching 40.1 billion dollars. The company had generated 32.2 billion dollars in revenue during the same period the previous year.

The company's net profit also rose by 201 percent in the fourth quarter of last year to 14 billion dollars. The company had reported a net profit of 4.6 billion dollars in the last quarter of the previous year.

Meta's total revenue for 2023 was calculated at 134.9 billion dollars, a 16 percent year-over-year increase, while its net profit rose by 69 percent to 39.1 billion dollars.

The company's earnings per share, which were 1.76 dollars in the fourth quarter of 2022, reached 5.33 dollars in the same period last year.

Meanwhile, Meta announced that it will pay a cash dividend of 50 cents per share on March 26, 2024, to shareholders of record as of February 22, 2024. The company also announced that it expects revenue between 34.5 and 37 billion dollars in the first quarter of this year.

INCREASE IN FACEBOOK'S ACTIVE USER COUNT

The number of daily and monthly active users of Facebook, under the Meta umbrella, continued to increase during this period.

Facebook's daily active user count rose by 6 percent year-over-year as of December last year, reaching 2.11 billion. The social networking site's monthly active user count also increased by 3 percent in the same period to 3.07 billion.

The company's number of employees fell by 22 percent compared to the previous year as of December 31, 2023, dropping to 67,317.

AMAZON'S REVENUES EXCEED EXPECTATIONS

U.S. e-commerce giant Amazon also released its financial results for the October-December period of last year.

Accordingly, the revenue Amazon generated in the last quarter of 2023 reached 170 billion dollars, an increase of approximately 14 percent compared to the same period the previous year.

Market expectations were for the company to report 166 billion dollars in revenue. The company's net sales were recorded at 149.2 billion dollars in the fourth quarter of 2022. Amazon's net profit also rose to 10.6 billion dollars in the last quarter of last year. The company had generated a profit of 278 million dollars in the same period the previous year.

While the company's total revenue for 2023 was 574.8 billion dollars, Amazon's net profit for the same period was recorded at 30.4 billion dollars. The e-commerce giant's net earnings per share were calculated at 1 dollar in the last quarter of 2023. The company had reported a profit of 3 cents per share in the same period the previous year.

Meanwhile, Amazon announced that it expects revenue between 138 and 143.5 billion dollars in the first quarter of this year.

News Source: AA