Amazon and Apple both delivered stronger-than-expected quarterly results, driven by surging cloud demand and robust iPhone sales as the tech giants pour billions into artificial intelligence.
Amazon posted $200.6 billion in revenue, up nearly 20% year-over-year, with its cloud unit AWS growing 36.7% — the fastest pace in 18 quarters. Net profit reached $62.6 billion, more than tripling from a year earlier. The company plans to invest roughly $200 billion in AI development this year, with capital expenditure jumping 68%. Amazon shares rose 11.7% in the hour after filing, finishing up 3.9%.
Apple reported $109.4 billion in revenue, up 16.4%, as iPhone revenue climbed 21% to $54.3 billion. Net profit rose 27% to $29.8 billion. The company, which plans to launch an upgraded Siri AI this autumn, saw shares close down 1.41%. Barclays cut its Apple price target, while Bank of America maintained a Buy rating.