Alphabet Inc, Microsoft Corp and Texas Instruments Inc posted double-digit quarterly revenue growth on Tuesday and expressed optimism about the coming months, reassuring investors who had been fretting that the technology industry was poised for a dour second half.
Shares of all three companies rallied in late trading, spurring S&P 500 futures and giving a boost to tech peers. The earnings reports from the trio of industry giants set the tone for a week that will include results from heavy hitters like Meta Platforms Inc, Qualcomm Inc, Apple Inc, Amazon.com Inc and Intel Corp.
An online advertising slowdown had been a particular concern of investors, who dragged down shares of Snap Inc and Twitter Inc following their earnings reports last week. Alphabet missed analysts’ estimates for its YouTube and its cloud businesses. The company’s earnings also came in light: Profit was $1.21 a share, compared with an estimate of $1.32.
Even so, investors were cheered by the overall tone of Google’s remarks. The market for search advertising is more resilient than that of ads on social media, insulating Google’s business relative to competitors like Snap and Facebook.
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