US tech stocks surge as Apple, Amazon and Facebook update on progress | Business News



US tech stocks have enjoyed a strong rally on Wall St in advance of earnings reports from, arguably, the biggest names in the business.

Just a day after share values endured a global shock over tightening coronavirus restrictions, investors eagerly awaited updates on the progress made by the big earners of 2020 – Facebook, Amazon and Apple, to name a few.

They have enjoyed share surges of 36%, 74% and 58% respectively in the year to date while many traditional stocks have struggled to even tread water given the COVID carnage.

Facebook and Apple saw leaps of 5% in Thursday deals, with Amazon close behind, in anticipation of further news to celebrate as the digital economy dodges lockdown.

Amazon

The online retailer and streaming operator was first out of the blocks – with third quarter revenues rising to $96.1bn from $70bn in the same period a year earlier.

It credited pandemic demand for household essentials and said it was already seeing evidence of early buying for Christmas gifts following its Prime Day sale earlier this month. Shares rose more than 1% in after-hours dealing.

Facebook

Its shares extended their gains after the market bell when it revealed that businesses using its digital advertising tools had surged during its own third quarter.

Revenue rose to $21.5bn from $17.7bn despite a limited advertising boycott in protest against hate speech on its platforms in July while Facebook’s monthly active user number of 2.74 billion also beat estimates.



Sky News