As the sun rose, the world of finance was already hustling and bustling. The finance market had been busy since the early morning trading hours. Today, the focus was on the two tech giants – Apple and Microsoft, as they prepared to release their quarterly earnings reports.
Apple was first on the stage. Wall Street analysts had been predicting a solid quarter for the Cupertino based company. Forecasts pegged revenues at around $60 billion, up from $58.3 billion in the same quarter last year. Most eyes, however, were on the iPhone revenue that was expected to come in at $28.5 billion. As the report was released, the headline numbers came as a pleasant surprise for the Apple investors. Total revenue reached a record $63.5 billion, with iPhone revenue contributing $29.5 billion. A sigh of relief swept across the trading floor as Apple stocks ticked upward.
Meanwhile, the anticipation was building for Microsoft’s earnings report. As one of the significant players in the technology and cloud computing market, Microsoft’s performance impacts not just its share price, but the broader tech industry as well. This time, analysts were forecasting a steady growth, expecting revenues to increase to around $36 billion, up from $33.7 billion in the same quarter last year.
Finally, after hours long suspense, Microsoft’s numbers were out. And what a spectacle it was! The company surpassed all estimates, posting a whopping $38.1 billion in revenues. The driving force was its cloud computing segment, ‘Azure’, which saw a massive growth of 47%, bringing in $13.4 billion in revenues. The numbers fueled a frenzy in the after-hours trading, sending Microsoft’s stock price soaring.
The day wasn’t just about Apple and Microsoft. The finance market is a vast ecosystem and each announcement, each decision made in a boardroom, every policy change by the government can have a ripple effect. Today, apart from the tech giants, pharmaceutical companies also came under the spotlight. As the race for Covid-19 vaccine intensifies, the spotlight is on companies like Pfizer, Moderna, and AstraZeneca. Their stock prices continue to be volatile, driven by the latest developments on the vaccine front.
As the day ended and the trading floors quietened, one could sense the satisfaction among investors. Today was a good day in the finance market. But as they say, finance is a rollercoaster ride. Today’s gain could be tomorrow’s loss. As the lights dimmed, the investors were already preparing for the next day, eyeing the East where the sun would soon rise and bring another day of hustle in the world of finance.