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October 11, 2025 - 4:27 AM

TNC Daily Open: Apple and Amazon Earnings Show Cracks

This report is from today’s TNC’s Daily Open, our international markets update. TNC Daily Open keeps investors informed on everything they need to know, no matter where they are.

Together with their fellow “Magnificent Seven” competitors, Alphabet, Microsoft, and Meta Platforms, Apple and Amazon posted top and bottom-line results for the quarter ending in March that exceeded analysts’ expectations. (Tesla’s long-promised fully autonomous driving technology is still working to help the electric car manufacturer cross the finish line.)

Nevertheless, certain underlying issues existed with both Apple’s and Amazon’s financial performance. Apple’s Services business, which includes services like advertising, iCloud, and Apple TV+, did not meet estimates. This is significant because, after its iPhone segment, it is Apple’s second-largest source of revenue. For the third consecutive year, Amazon’s cloud segment, the biggest cloud provider globally, missed revenue targets, indicating that growth is slowing.

The CEOs of both businesses also noted the difficulty in forecasting the impact of tariffs for the upcoming year and the current quarter. Even while investors were excited about Microsoft and Meta, as evidenced by Thursday’s spikes in their stock prices, there are still obstacles in the way of Big Tech’s future.

What To Note Today

China Weighs U.S. Overture on Tariff Talks

Beijing confirmed it’s reviewing recent outreach from U.S. officials seeking to restart trade negotiations. While China reiterated its demand for full removal of U.S. tariffs, analysts caution that any meaningful agreement could take time.

Apple Beats Overall, But Services Stumble

Apple topped Q2 earnings expectations, but its Services segment fell short. CEO Tim Cook warned of tariff uncertainties post-June. Meanwhile, Apple plans to appeal a court ruling over its Epic Games dispute.

Amazon Cloud Growth Cools, Guidance Wavers

Amazon posted strong Q1 results, but AWS growth lagged for the third quarter. The company cited trade and recession fears in its cautious outlook, though CEO Andy Jassy remained upbeat.

Standard Chartered Shines on Wealth and Banking Surge

Standard Chartered beat Q1 profit forecasts, driven by solid wealth management and global banking performance. Profit hit $2.1 billion, lifting shares by 2.75% in Hong Kong trading.

Tech Titans Lift Wall Street

The S&P 500 and Nasdaq climbed on Thursday as Meta and Microsoft earnings boosted investor sentiment. Asian markets followed suit Friday, with Hong Kong’s Hang Seng rising 1.7% on hopes of U.S.-China trade talks.

AI Buzz Reignites Big Tech Momentum

Microsoft and Meta’s strong earnings have sparked new interest in AI-driven growth, temporarily overshadowing tariff worries. Still, analysts suggest Microsoft’s rally might be the exception, not the rule.

Roche Bets $5.3B on Obesity Drug Breakthrough

Roche is making a $5.3 billion play for Zealand Pharma’s innovative weight loss candidate, Petrelintide. The amylin analog drug could challenge GLP-1 leaders like Wegovy, offering a unique hormone-based approach.

 

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