Apple and Amazon: Bitcoin and Ethereum prices went down after Apple and Amazon reported their latest earnings after regular business hours.
As a result of Apple and Amazon’s failed analysis. At about 4 p.m. ET, Bitcoin fell sharply from $20,621.23 to $20,293.40, and Ethereum fell from $1,561.40 to $1,515.33. Since then, Bitcoin has risen to $20,362.
The price of ADA dropped from $0.401457 to $0.390022, and the price of DOGE fell from $0.082271 to $0.078966.
Apple misses analysts’ expectations
Apple said in its full-year earnings report that sales of the iPhone were up 9.7% from the year before, coming in at $42.6 billion. About half of the Cupertino company’s income comes from this amount. Analysts thought it would be worth $400 million more.
At $90.1 billion, the company’s annual sales are up 8% from a year ago. The total net income was $20.7 billion.
Analysts thought that Apple’s latest two Apple iPhone 14 Pro models would have helped it make more money in the full year before it reported its earnings. In July 2022, Tim Cook, the CEO of the company, said that the company didn’t have any real evidence that bad macroeconomic conditions had a big effect on the sales of smartphones.
Intel, which also makes PCs, is having a hard time, but Apple Pro models have been very popular. Recently, more and more people have been willing to pay more for 5G technology. In 2020, Apple came out with 5G.
But one analyst at Bernstein Research thinks that rising interest rates could hurt the demand for Apple’s products. This change in demand could happen while consumers are locked in a delicate dance caused by high inflation and Fed interest rate hikes. And since the Fed is going to cut back on how often and how much it raises interest rates, Apple’s hardware could become more popular again.
Amazon’s revenue hit hard
The Amazon Web Services cloud computing division has grown a lot in recent years.
But Amazon’s third-quarter earnings showed that compared to last year, sales went up 15% to $127.1 billion. Wall Street forecasts were a little off with this number. This year, the e-commerce giant’s net income went down by 0.3% to $2.9 billion. This number includes non-operating income from a partnership with an electric car company called Rivian.
CEO Andy Jassy said, “A lot is going on in the macroeconomic environment, and we’ll balance our investments to make them more efficient without putting at risk our key long-term bets.”
After-hours trading for the company’s stock dropped 20% after the company said it expected sales of $140 billion to $148 billion. Wall Street thought there would be more than $155 billion.
Alphabet, a company that competes with the cloud, made $39.5 billion from search in the third quarter. This is a 4% increase from the previous quarter. Analysts think that small numbers show that small businesses are pulling back from advertising on search because it used to be a reliable way to make money. In the third quarter, Google’s cloud business made $6.9 billion, which is a 37.6% increase from the second quarter.
Cupertino-based At the end of the trading day, Apple’s stock price was down 3% to $144.80, and Amazon’s stock price went down 4.06% to $110.96.
At 11059.8, the Nasdaq Composite is down 3%.
Given the recent link between tech stocks and crypto, a drop in the tech-heavy Nasdaq composite and tech stocks could mean that crypto is about to take a small step in the wrong direction in the next few days.
