Amazon sank while Apple steadied

Big tech stocks have been having a bad week. After Microsoft, Alphabet and Meta released their results, Amazon and Apple gave theirs yesterday.

Let's start with Amazon.

The Good

1. Revenue growth in the third quarter rebounded to a double-digit 15% (2Q revenue growth was 7%.)

2. Advertising segment grew 25%, faster than Alphabet and Meta.

3. Amazon Web Services (AWS, cloud segment) continued to grow and was up 27%.

The Bad

1. Free cash flow remains negative, and has been negative for the past 3 quarters.

2. Operating income has almost halved. If consider forex losses, the drop increased to 55%.