July 30 (New York) - Shares of Apple, Facebook and Amazon rallied sharply after the tech giants reported sharply higher earnings than what the analysts had expected. These companies are thriving under worldwide lock-downs.
While Nigeria rested and slept for the Barka-De-Salla holidays today there was a lot of heavy stock market activity in the developed world and these companies added billions of dollars to their market caps.
Here is what they reported. Keep in mind these are quarterly results.
Apple reported revenue of $ 59.7 billion, estimates were for $52 billion.
Amazon reported revenue of $ 88.9 billion estimates were for $81 billion.
Facebook reported revenue of $18.7 billion while estimates were for $17 billion.
Apple also announced a 4-1 stock split as well which it said will give investors with smaller wallets to be able to invest in its shares.
The stock markets are going to rally hard tomorrow on the back of these quarterly financial results as tech companies will be boosted world-wide. The quarterly profits of these companies can challenge the whole of Nigeria's forex reserves. In Nigeria we will continue to mark the sallah holidays so we wish our members a happy and peaceful long weekend.
reporting for easykobo.com on Thursday, July 30 2020 from Lagos, Nigeria