Amazon Soars on ‘Game-Changing’ Quarter, iPhone Slump Drags Apple
August 7, 2023
Amazon.com saw its shares soar over 8% after an impressive quarterly performance, with its e-commerce and cloud-computing businesses showing strength despite an uncertain economy. The company’s cloud business, Amazon Web Services (AWS), performed better than expected, boosting other trillion-dollar club members like Microsoft and Alphabet. On the other hand, Apple’s shares experienced a 4.8% slide due to disappointing iPhone sales, even though its services business performed well, helping it exceed profit expectations for the June quarter.
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