Tesla missed earnings estimates by 16.13%, while Alphabet beat estimates by 2.16%

From Nasdaq: 2024-07-24 11:32:00

Tesla TSLA and Alphabet GOOGL reported quarterly earnings, with TSLA missing estimates by 16.13% and GOOGL beating by 2.16%. The rest of the magnificent 7 stocks are set to report soon. TSLA shares dropped 7% pre-market, while GOOGL shares are down 2%, but have returned 30.2% this year.

The magnificent 7 stocks are benefiting from the proliferation of AI, with Gartner estimating AI software spending to hit $297 billion by 2027. Microsoft’s earnings are expected to be strong, driven by Azure and cloud services. Meta Platforms is set to report with a focus on advertising revenue growth.

Amazon’s earnings are expected to be strong, benefiting from Prime momentum and AWS adoption. Apple is expected to report slow earnings due to weak iPhone sales but has a strong user base. NVIDIA is set to report strong earnings driven by AI and accelerated computing growth. Each company has shown strong financial performance recently.

Investors are eagerly awaiting the upcoming earnings reports of tech giants like Microsoft, Meta Platforms, Amazon, Apple, and NVIDIA. With the continued growth of AI and cloud services, these companies are poised for further success in the tech sector.



Read more at Nasdaq: Tesla Misses, GOOGL Beats: What’s in Store for Rest of the Mag 7?