Quarterly Results: Apple and Amazon Show Mixed Picture

In the months after the pandemic, the biggest tech giants faced a difficult time. But quarterly results from Apple and Amazon yesterday suggest that things are improving./nAmazon's earnings were much better than expected, but growth in Amazon Web Services is slowing./nApple reported a drop in revenues in the second quarter, as iPhone sales fell. But net profits increased thanks to more subscriptions for its digital services./nLast week, Google's owner, Alphabet, reported solid quarterly results with revenue rising by 7%./nThe Big Five tech companies have maintained exceptional growth in the entire history of capitalism. The question is whether they can sustain it in the long term.