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Apple and Amazon Earnings Update – February 1st 2024


Updated 02/02/2024: Apple’s 2023 Q4 earnings call, unveiled on February 1st, 2024, showcased the tech giant’s financial prowess, with figures that slightly outperformed expectations. The reported earnings per share (EPS) stood at $2.18, surpassing the forecasted $2.1. The revenue for the quarter reached a remarkable $119.58 billion, exceeding the anticipated $118.06 billion. These robust financial results underscore Apple’s continued success and market strength. Investors and analysts closely watch Apple’s earnings releases as the company’s performance serves as a bellwether for the broader technology sector and has a significant impact on the overall market sentiment. 

Amazon’s Q4 earnings call for 2023, released on February 1st, 2024, showcased the e-commerce giant’s robust financial performance. The EPS came in at $1, surpassing the forecasted $0.8. Amazon’s revenue for the quarter reached a staggering $170 billion, outperforming the anticipated $165.95 billion. These impressive financial results underscore Amazon’s continued dominance in the online retail space and its ability to capitalise on a broad spectrum of business segments. As a major player in the technology and e-commerce sectors, Amazon’s earnings releases are closely monitored by investors, analysts, and market observers, as they provide valuable insights into the company’s growth trajectory and the broader economic landscape. The substantial revenue figures highlight Amazon’s resilience and capacity to navigate a dynamic market environment successfully.

The below was written prior to the respective earnings calls.

The bustling week of U.S. 2023 Q4 earnings persists, having already seen Microsoft and Alphabets earnings on Tuesday. Anticipation is building for the upcoming earnings reports from Apple and Amazon scheduled for Thursday, followed by Exxon Mobil on Friday. Recent market reactions have been negative, however, despite both Microsoft and Alphabet slightly exceeding expectations. Now, investors are eagerly awaiting insights into the performance of Apple and Amazon in the final quarter of 2023, in order to gauge the overall health of these major companies. You can find all major companies’ earnings calls on an earnings calendar

Why are Apple’s Earnings so Important?

Apple Inc., founded in 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne, has grown into one of the world’s most influential technology companies. Renowned for its innovative consumer electronics, software, and services, Apple has left an indelible mark on the tech industry. The company’s iconic products include the iPhone, iPad, Mac, Apple Watch, and a range of software and services like iOS, macOS, and the App Store. Apple’s brand is synonymous with sleek design, user-friendly interfaces, and a commitment to cutting-edge technology.


The significance of Apple’s earnings releases stems from its position as a global technology leader and market heavyweight. As one of the most valuable publicly traded companies, Apple’s financial performance provides crucial insights into the broader tech sector and consumer electronics market. Investors, analysts, and industry observers closely analyse Apple’s earnings reports to assess the company’s revenue, profit margins, product sales, and future outlook. Given Apple’s widespread influence on consumer trends and its pivotal role in shaping the digital landscape, its earnings releases are highly anticipated events that can influence market sentiment and impact the broader stock market.

What to expect from Apple’s Earnings

As Apple Inc. gears up for its upcoming earnings call on Thursday, investors are eagerly awaiting insights into the company’s financial performance. With a current market capitalization of $2.91 trillion, Apple’s prominence in the tech industry is undeniable. According to investing.com, the Q4 forecast indicates an anticipated EPS of $2.1 and revenue of $118.06 billion, showcasing the company’s robust financial standing. In the previous quarter, Apple exceeded expectations with an EPS of $1.46 and revenue of $89.50 billion. 

Notably, Apple anticipates Q1 fiscal 2024 revenues to mirror those of the year-ago quarter, aiming for stability. Analysts project a year-over-year revenue growth of 0.40%, with the Zacks Consensus Estimate for fiscal first-quarter revenues standing at $117.62 billion. Apple’s consistent earnings performance, surpassing estimates in three of the last four quarters, underscores its resilience and strategic positioning in the dynamic tech landscape.

Why are Amazon’s Earnings so Important?

Amazon.com, Inc., founded by Jeff Bezos in 1994, has emerged as a global e-commerce and technology giant. Initially established as an online bookstore, Amazon has expanded its reach to become the world’s largest online retailer, offering an extensive range of products and services, including e-commerce, cloud computing, digital streaming, artificial intelligence, and more. With a diverse portfolio that includes the popular Amazon.com marketplace, Amazon Web Services (AWS), Kindle e-readers, Alexa-enabled devices, and the acquisition of Whole Foods Market, Amazon has become deeply integrated into consumers’ daily lives.


The significance of Amazon’s earnings releases is rooted in the company’s colossal impact on the retail and technology sectors. As one of the most valuable and influential companies globally, Amazon’s financial performance serves as a key indicator of consumer spending trends, e-commerce growth, and the overall health of the retail industry. 

Additionally, Amazon Web Services, the company’s cloud computing division, plays a pivotal role in shaping the landscape of enterprise IT services. Therefore, investors closely scrutinise Amazon’s quarterly earnings reports for insights into revenue growth, profitability, and the company’s strategic initiatives. Amazon’s ability to continually innovate, expand its market share, and navigate dynamic market conditions underscores the significance of its earnings releases, making them highly anticipated events in the financial world.

What to expect from Amazon’s Earnings

As the eagerly anticipated earnings release for Amazon approaches on Thursday, the spotlight is on the tech giant, boasting a current market cap of $1.64 trillion. According to investing.com, the forecast for Amazon’s Q4 earnings per share (EPS) stands at $0.7951, with an estimated revenue of $165.95 billion. In the previous quarter, Amazon reported an EPS of $0.94, surpassing the forecasted $0.59, while the revenue for the same period reached $143.08 billion, exceeding the expected $141.46 billion. 

Renowned as the second-best performing FAANG stock in 2023, with an impressive 81% gain, Amazon has sustained its upward trajectory in 2024, hitting 52-week highs. Analysts project an 11.4% year-over-year increase in Q4 revenues, aligning with consensus estimates anticipating a similar growth pace in the forthcoming quarters. Looking ahead, analysts foresee a modest 11.5% overall growth in Amazon’s revenues for 2024, maintaining momentum from the previous year.

Editor in chief

Steve Miley is the Market Chartist and has 32 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Mar... Continued

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