- Nvidia's revenue rose 62.5% YoY to $57 billion with net income up 65% in the quarter
- Apple's revenue grew 7.9% to $102.5 billion, but iPhone sales missed analyst estimates
- Tesla's revenue reached $28.1 billion with 24.9% sequential growth and 11.6% YoY increase
The Magnificent Seven companies, or the seven most-watched mega-caps of the Wall Street, delivered strong quarterly results, which reinforced the euphoria surrounding artificial intelligence.
AI bellwether Nvidia saw its revenue jump 62.5% year-on-year and 22% sequentially to $57 billion. The chipmaker's net income also soared 65% in the quarter under review, compared to $19.31 billion in the year-ago period.
Apple's earnings were a mixed bag with revenue rising 7.9% to $102.5 billion, but news agency Bloomberg reported that revenue from iPhone sales fell short of analysts' estimates even as it gained 6.1% to $49 billion in the quarter under review. Analysts had projected $49.3 billion for the September period.
Here is a overview of the tech giants' quarterly performance:
Tesla, which is also a part of Mag7, reported its revenue at $28.1 billion, registering a 24.9% sequential growth and 11.6% year-over-year growth driven by the higher-than-expected deliveries. As per the company's investor presentation, profitability decreased 40% YoY to $1.6 billion, resulting in a 5.8% operating margin.
To sum up, while Nvidia dominated the charts with its robust results, other Mag7 names did not disappoint.
In terms of revenue in the tech space, Meta saw the second-highest jump year-on-year, followed by Microsoft, Alphabet, Amazon and then Apple.
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