Big Tech delivers, capex jumps
4/30/20265 min
Alphabet (GOOG) (GOOGL) stock rises on strong financial growth and quarterly beat: Key takeaways. (00:14) Meta's (META) increased capex, lackluster guidance spook investors. (00:58) Amazon (AMZN) discusses 'The Apprentice' reboot, with Don Jr. as potential host - WSJ. (02:14)
Episode transcripts seekingalpha.com/wsb.
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Transcript preview
First 90 secondsJulie Morgan· Host0:00
[upbeat music] Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. It's good to be with you on this Thursday, the final day of April. I'm Julie Morgan. Alphabet reported strong financial growth and a quarterly beat. The stock is up 6% in pre-market action. Total revenues in the first quarter rose 22% to $109.9 billion, clearing analyst consensus for $107 billion and marking its 11th straight quarter of double-digit growth. For the first quarter, capital spending more than doubled year over year to $35.67 billion, slightly less than analyst expectations for $36.4 billion. Those analysts expect Q2 CapEx to hit $42.5 billion. Alphabet also announced a 5% increase to its quarterly dividend to 22 cents per share. Meta Platforms is also a big mover this morning. Meta beat on both the top and bottom lines in the first quarter. The stock is down 8% in pre-market action. Meta issued lackluster forward guidance and raised its CapEx expectations by a significant amount. Meta now expects to spend between $125 billion and $145 billion in capital expenditures, up from the prior range of $115 to $135 billion. Also weighing on shares is a continued loss