Tech Earnings Recap: Apple Disappoints in China, Meituan and Amazon Perform Well

TLDRApple's sales in China dropped 13% in the fiscal first quarter, while Meituan and Amazon posted strong earnings. Apple's weak performance in China was offset by stronger-than-expected iPhone sales and overall revenue growth. Meituan and Amazon benefitted from cost-cutting measures and saw a surge in their share prices.

Key insights

🍎Apple's sales in China dropped 13% in the fiscal first quarter, the weakest December quarter since 2020.

💰Meituan and Amazon both reported strong earnings, with shares surging due to cost-cutting measures and favorable revenue growth.

Q&A

What were Apple's overall earnings like?

—Apple's overall earnings were strong, with stronger-than-expected iPhone sales and revenue growth.

What caused Apple's decline in China?

—Apple's decline in China was attributed to a 13% drop in sales in the fiscal first quarter.

Why did Meituan and Amazon perform well?

—Meituan and Amazon both implemented cost-cutting measures and saw favorable revenue growth, leading to strong earnings.

Timestamped Summary

10:17Apple's sales in China dropped 13% in the fiscal first quarter, leading to the weakest December quarter since 2020.

14:14Meituan and Amazon both reported strong earnings, with shares surging due to cost-cutting measures and favorable revenue growth.

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