Apple Is the Only Big Tech Consolation in Wild $477 Billion Rout
- Microsoft, Alphabet, Amazon, Meta fell after earnings updates
- The iPhone maker adds more than $150 billion to market cap
Apple Michigan Avenue store in Chicago.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
In a week that has seen hundreds of billions in market value wiped out at the biggest technology firms, Apple Inc. is bucking the trend with another set of resilient results.
Apple jumped 7.6% on Friday and added more than $150 billion in market value after the iPhone maker’s revenue and profit both topped analysts’ estimates. In contrast, fellow megacaps Microsoft Corp., Alphabet Inc., Amazon.com Inc. and Meta Platforms Inc. saw their shares tumble after reporting results this week, shedding $477 billion in combined market value in the trading session immediately after the results.