'Although the shares of these companies are down, the market is still bullish.'
Technology-themed stocks that are the main leaders of most indexes on Wall Street experienced a decline in share value with less encouraging corporate earnings reports.
Although there were records that managed to exceed market projections, the overall state of the economy in the last 3rd quarter (Q3) left an impression.
Follow a summary of some of the tech companies that reported their corporate earnings yesterday (October 25).
Alphabet
The company that owns the main search engine Google posted earnings at $1.06 per share on revenue of $69.09 billion compared to market expectations of $1.25 per share and revenue of $70.58 billion.
The main reason for the poor performance is due to the decrease in revenue in YouTube advertising.
Microsoft
The computer giant is seen beating the market's forecast of earnings and revenue of $2.35 per share versus $2.30 per share and revenue of $50.12 billion versus $49.61 billion.
However, the company's shares were seen to shrink 2.7% during the New York session following a rather disappointing report on the results of cloud computing services.
Texas Instruments
The United States (US) semiconductor firm reported earnings and results for the fiscal year Q4 in Q32022 that were far from market projections.
Even so, Q3 revenue recorded $5.23 billion compared to the market estimate of $5.14 billion.
Spotify
The world's most popular music streaming service showed a 6.9% drop in stock performance with reports saying it lost 98 cents per share.
According to calculations in Euro value, earnings recorded 99 cents per share compared to 85 cents while revenue was at €3.04 billion from €3.02 billion.
