Big tech appears to be continuing its strong growth turnaround from last year, as it kicks off earnings report season for the quarter ended in September.
Google parent company Alphabet on Tuesday reported quarterly sales of $76.69 billion, up 11% from the same period in the prior year. The company also posted profits of $19.69 billion for the quarter.
Meanwhile, Microsoft posted 13% year-on-year sales growth to $56.5 billion, also beating expectations. Microsoft's quarterly profits hit $22.3 billion, up 27% from the year-ago period.
The strong results come after Microsoft, Alphabet and other tech companies have carried out mass layoffs and other cost cutting moves this year following a difficult 2022 when advertisers and other clients cut back on their spending due to concerns over the macroeconomic environment.
Microsoft's shares gained nearly 4% in after-hours trading following the reports Tuesday. Alphabet stock dipped as much as 5%.
This is a developing story. Please check back for updates.
