TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Wednesday, October 24.
Full Video Transcript Below:
J.D. DURKIN: I'm J.D. Durkin - reporting from the New York Stock Exchange. Here's what we're watching on TheStreet today.
Investors are reacting to third-quarter earnings from tech giants Microsoft and Google parent Alphabet.
Microsoft's results came in better than expected, bringing in $56 billion in sales. This growth was mainly driven by success in its Azure cloud business and its investments in generative AI.
Alphabet also reported stronger than expected results, with revenue up 11 percent from the same time last year. The tech giant did see its shares slump as investors reacted to a drop in its cloud revenue. Wall Street will watch results from Meta later today and Amazon on Thursday.
Meanwhile, a month after Apple unveiled its new line of iPhones, the company announced that in just five days it plans to hold another event with more new releases. Dubbed the "Scary Fast" launch, Apple's next event is slated for October 30th - and no, it's not being called Scary Fast just because it's Halloween.
Scary Fast also likely refers to Apple's plans to unveil its new M3 Mac chip, which will likely be unveiled alongside a new line of iMac computers. Apple's first iteration of the chip, the M1, was launched in 2020 - with the M2 making its first appearance last year.
Apple hopes the M3 chip will kickstart its sluggish Mac sales. Revenue from Mac dropped by 7% last quarter as the broader tech industry saw global PC shipments fall by about 17%.
Apple will report its fourth-quarter earnings on Thursday, November 2nd.
That'll do it for your daily briefing. From the New York Stock Exchange, I'm J.D. Durkin with TheStreet.
