Amazon +10.4%, Apple -2.8% following quarterly earnings!

Amazon (AMZN.US)

Amazon's shares are surging by 10.40% after the e-commerce and cloud computing behemoth beat Q2 expectations and raised its outlook. The company reported earning 65 cents a share in the June quarter, a significant turnaround from a year-earlier loss of 20 cents. Total sales increased by 11% to $134.4 billion, with Amazon Web Services (AWS) revenue growing 12% to $22.1 billion. Although this was a slower growth rate than the 16% seen in the first quarter, it still outpaced estimates for 10% growth. Amazon's forecast for the current quarter is also promising, predicting an operating income of $7 billion on sales of $140.5 billion, surpassing analysts' expectations. The company emphasized that AI will play a central role in its future endeavors, further boosting investor confidence in the stock.

Amazon stock price analysis

Amazon's stock soars after quarterly earnings, with the company's stock price breaking above a significant level around $133.9 and currently approaching another resistance level at $144.8. Following strong results and positive forecasts, it should not be a surprise if the company's stock price were to break above this level and continue the upward move. On the other hand, there is a possibility to fill the gap around the aforementioned $133.9 level.

Apple (AAPL.US)

Apple's shares are currently declining by 2.80% despite beating Wall Street's earnings target for its fiscal third quarter, while matching expectations for sales. The company reported a 5% rise in EPS, but sales were down 1% to $81.8 billion, marking the third consecutive quarter of declining revenue compared to the previous year. Hardware sales, including iPhones, fell 4% year over year to $60.58 billion, while services revenue grew by 8% to $21.21 billion. Investors' focus is now shifting to the September quarter and the upcoming launch of Apple's iPhone 15 series handsets, reflecting a complex market response to a mixed earnings report.