US tech companies report mixed results

A man walks past an Apple store in Taipei, Taiwan, on October 20 2020. Picture: REUTERS/ANN WANG

Mostly upbeat results from Facebook, Google-parent Alphabet and Amazon, along with Microsoft’s strong report earlier this week, show how the largest US companies have expanded their businesses and outperformed smaller rivals this year as the pandemic accelerates trends towards online shopping, video streaming and other technologies.

Analysts expect aggregate S&P 500 earnings to drop 13% this quarter, compared with an increase of 4.5% in the tech sector, which includes Apple, Microsoft and many other of the index’s largest companies, according to IBES data from Refinitiv.

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