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Shares of pharmaceutical company AbbVie (NYSE:ABBV) fell 3.9% in the afternoon session after the company reported third-quarter results that were overshadowed by a steep drop in profitability and a reduced earnings forecast for the full year. Although AbbVie's quarterly revenue of $15.78 billion and adjusted earnings per share (EPS) of $1.86 both surpassed Wall Street's estimates, investors focused on underlying weaknesses. The company's operating margin fell sharply to 12.1% from 26.5% a year a...
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Shares of cloud computing and online retail behemoth Amazon (NASDAQ:AMZN) jumped 10.4% in the afternoon session after the company reported third-quarter results that surpassed Wall Street's expectations, driven by strong growth in its cloud computing division. Amazon's net sales rose 13.4% from the previous year to $180.2 billion, beating estimates, while earnings per share came in at $1.95, also well above analysts' forecasts. A key highlight was Amazon Web Services (AWS), the company's cloud u...
Continue ReadingShares of networking chips designer Marvell Technology (NASDAQ: MRVL) jumped 5.8% in the afternoon session after Amazon announced robust demand for its Trainium processors, which are manufactured by Marvell. The update came from Amazon CEO Andy Jassy, who highlighted an impressive 150% quarter-over-quarter growth for the Trainium2 chip. This rapid expansion turned the processor line into a multibillion-dollar business for Amazon. As the manufacturer of these specialized chips, the strong demand...
Continue ReadingAmazon easing fears of an AI bubble by delivering robust cloud growth. TD Cowen Senior Equity Research Analyst John Blackledge breaks down the report with Dani Burger and Matt Miller on "Bloomberg Open Interest."...
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Apple delivered a surprise sales decline in China while also topping revenue estimates. Craig Moffett, founding partner and senior research analyst at MoffettNathanson, discusses the earnings report on "Bloomberg Open Interest."...
Continue ReadingAWS continues to see strong demand as companies gobble up its cloud infrastructure services in the age of AI...
Continue ReadingAmazon.com's (AMZN) cloud computing division is positioned for faster growth ahead amid planned capa...
Continue ReadingInside Microsoft’s earnings was a charge that caught analysts by surprise: a $4.1 billion hit on its investment in OpenAI. It implies a more than $12 billion quarterly loss at OpenAI, said Firoz Valliji, an analyst at Bernstein, based on the 32.5% stake Microsoft reported owning in OpenAI last quarter. OpenAI recently restructured to become a for-profit entity, and Microsoft will have a 27.5% stake going forward...
Continue ReadingThe benchmark is poised to notch its sixth-straight month of gains after soaring nearly 40% from its April nadir in one of the fastest recoveries in stock market history. Amazon shares surged after its cloud unit posted the strongest growth rate in almost three years. Apple projected a jump in sales over the holiday season after releasing new iPhones, helping to assure investors that its flagship product remains a growth engine...
Continue ReadingThe company laid out $12.7 billion in capital expenditures in the entire year, far from the amounts companies such as Meta Platforms, Alphabet, and Microsoft have spent...
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