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High-flying tech giants not immune to turbulent times

Tech giants that saw good times during the pandemic are dealing with a "hangover" compounded by inflation and the war in Ukraine, analysts have said after earnings released this week.

Amazon, Apple, Meta and Google-parent Alphabet released figures for the first quarter of this year that showed they are not impervious to turbulence roiling global markets.

Amazon holiday quarter profit doubles

Amazon has reported its profit doubled to $14 billion in the crucial holiday quarter, giving a boost to jittery markets that expected less due to higher labor, sourcing and delivery costs.

The e-commerce colossus said its net sales climbed to $137 billion, and its profit benefited greatly from a return on investment in electric vehicle maker Rivian, which went public in November.

Amazon Employees are Dissatisfied with the Company's Climate Policies

Hundreds of Amazon employees have openly criticized the environmental position of the online retail giant in violation of the company's communications policy.

More than 300 employees have signed a Medium blog post by Amazon Employees for Climate Justice (AECJ) which urges the company to go further in its plan to tackle climate change, which was announced to the public in September.

Amazon Shares Fell by nearly 9%.

Amazon said its quarterly earnings fell despite exceeding expectations, leading to a downfall in the tech giant's shares, AFP reported.
Revenue rose 24%, rising to $ 70 billion in the quarter through September 30, compared with $ 56.6 billion in sales recorded in the same period a year earlier, according to the Seattle-based company.

Amazon Becomes most Valuable Publicly-traded Company

Amazon for the first time closed out Monday's trading session as the world's biggest publicly-traded company, overtaking Microsoft and other fellow tech behemoths.

The online sales goliath assumed the top spot after notching a 3.4 percent gain to finish with a market capitalization of $796.8 billion, about $13.2 billion more than Microsoft, reports AFP. 

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