Google and Microsoft report robust quarterly sales growth

As it begins the earnings report season for the quarter that ended in September, big tech looks to be maintaining its robust growth reversal from the previous year.

Alphabet, the parent company of Google, announced quarterly sales on Tuesday of $76.69 billion, an increase of 11% over the same period last year. Additionally, the business reported $19.69 billion in profits for the quarter.

Microsoft, meanwhile, exceeded forecasts with a 13% year-over-year increase in sales to $56.5 billion. Microsoft made $22.3 billion in quarterly profits, a 27% increase over the same period last year.

The encouraging outcomes follow a challenging 2022 in which advertisers and other clients reduced their spending due to worries about the macroeconomic climate. Microsoft, Alphabet, and other tech businesses implemented major layoffs and other cost-cutting measures during the course of the previous year.

In after-hours trading, shares of both Alphabet fell by 5%, despite exceeding Wall Street's sales projections. After-hours trading saw a 4% increase in Microsoft's share price.