FAANGs’ Earnings Show Industry Growth Surge Still Strong

(Bloomberg) -- Big technology stocks may have taken a hit over the past several weeks but results from the FAANGs show that the industry's growth surge is still going strong. Facebook, Amazon, Apple, Netflix and Google parent Alphabet by and large reported solid sales and profit growth, reminding investors of the integral role of technology in the global economy.

• Facebook's first-quarter revenue accelerated and it added users in North America, reversing the decline in the fourth quarter.
• Apple reported revenue and profit beating sales estimates and projected continued sales momentum. Revenue had the fastest growth in more than two years.
• Amazon reported larger profits in the forecast and forecast more of the same, bolstered by its cloud-computing, subscription and advertising businesses
• Netflix posted its strongest quarter since going public 16 years ago, despite raising prices for most of its customers over the past several months
• Google parent Alphabet posted the strongest sales growth in almost four years.

For more analysis on Apple's earnings, click here for our TOPLive blog.

To contact the reporter on this story: Selina Wang in San Francisco at swang533@bloomberg.net.

To contact the editors responsible for this story: Anny Kuo at akuo1@bloomberg.net, Colin Keatinge

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