Big Tech beats lowered forecasts, AI powers ahead despite economic woes
- Meta and Amazon's results beat analysts' expectations, reversing three quarters of revenue decline for the former and pushing shares up double digits.
- Microsoft, reporting a week earlier, also topped estimates, crediting artificial intelligence for driving key segments.
- Google parent Alphabet shrugged off an ad slump to match analysts' marks.
- The tech giants' shares soared even as U.S. economic growth slowed sharply, signaling investor belief in their longer-term prospects.
- Meanwhile, Snap and Pinterest disappointed, warning revenue could slip again next quarter as advertisers pull back spending.
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