Tech Update
Ecommerce continues to show improving trends since growth troughed in early/mid-2022. This was highlighted by Amazon topping expectations by ~2.5%, with its retail business growing 12.7%, its fourth straight quarter of accelerating growth. Digital advertising showed improving albeit uneven trends, as META delivered exceptionally strong results, with revenue growing ~25% Y/Y to $40.1 billion. Conversely, although GOOGL’s total net revenue exceeded expectations, its advertising revenue of $65.5 billion was slightly below expectations of $65.9 billion. The payment space continues to produce consistently solid results as both V and MA modestly exceeded top-line expectations, highlighted by high-single/low-double-digit volume growth. Enterprise software continues to show consistent strength, with most calendar reporting companies exceeding expectations. Most notable in the sector was MSFT, which saw its total revenue grow 18% to $62 billion, easily exceeding consensus of $60.9 billion. We discuss the ecommerce, digital advertising, payments, and enterprise software/cloud subsectors in more detail below.
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