The stock market is always a rollercoaster ride, with ups and downs every day. Last week, some of the biggest tech companies in the world, including Amazon, Alphabet, Meta, Tesla, and Apple, saw significant changes in their share prices.
Amazon, the world's largest online retailer, saw its shares rise by 1.5% last week, hitting a record high of $3,435.82. The company's strong performance can be attributed to its impressive financial results, with revenue for the second quarter of 2021 reaching $113 billion. Amazon's cloud computing division, Amazon Web Services, also saw strong growth, with revenue increasing by 37% year-over-year.
Alphabet, the parent company of Google, also saw its shares rise by 2% last week. The company's strong performance can be attributed to its impressive earnings report, with revenue for the second quarter of 2021 reaching $61.9 billion, up 62% from the same period last year. Google's advertising revenues also saw strong growth, increasing by 69% year-over-year.
Meta, formerly known as Facebook, saw its shares drop by 4.5% last week, following the company's disappointing earnings report. Although the company's revenue for the second quarter of 2021 reached $29 billion, up 56% from the same period last year, Meta's user growth slowed down, raising concerns among investors.
Tesla, the electric vehicle manufacturer, saw its shares drop by 4.4% last week, following the company's mixed earnings report. Although Tesla's revenue for the second quarter of 2021 reached $11.96 billion, up 98% from the same period last year, the company's net income fell short of analysts' expectations.
Apple, the tech giant, saw its shares rise by 0.5% last week, hitting a record high of $149.15. The company's strong performance can be attributed to its impressive financial results, with revenue for the third quarter of 2021 reaching $81.4 billion, up 36% from the same period last year. Apple's iPhone sales also saw strong growth, increasing by 50% year-over-year.
In conclusion, last week saw some significant changes in the share prices of some of the biggest tech companies in the world. While some companies saw their shares rise, others saw them drop. As always, the stock market remains unpredictable, and investors must keep a close eye on the performance of the companies they have invested in.
