239
The world’s seven largest tech companies—Microsoft, Apple, Alphabet, Amazon, Meta, Nvidia, and Tesla—collectively reported a staggering $143 billion in net profit for the second quarter of 2023, marking a 27.6% year-on-year increase.
The combined revenues of these “Magnificent 7” reached $551.4 billion, reflecting a 15.4% increase compared to the same period last year and a 6.6% quarterly growth. Their capital expenditures surged 66.1% from the previous year, rising from $58.3 billion to $96.8 billion.
Alphabet and Microsoft Lead Profits
Alphabet, Google’s parent company, posted the highest net profit at $28.2 billion, followed closely by Microsoft with $27.2 billion and Nvidia at $26.4 billion. Tesla saw the largest quarterly net profit increase of 186.6%, climbing from $409 million in the previous quarter.
While Nvidia experienced the highest profit growth, increasing by $7.6 billion, Alphabet faced a decline of 18.4%, falling from $34.5 billion to $28.2 billion.
Revenue Performance
Amazon posted the highest quarterly revenue at $167.7 billion, followed by Alphabet with $96.4 billion. Tesla led revenue growth with a 16.3% increase, while Apple reported a slight decline of 1.4%. Nvidia saw the largest annual revenue growth with a 55.6% increase.
Capital Expenditures Surge
Amazon led capital expenditures with $32.2 billion in Q2, followed by Alphabet with $22.5 billion. Meta’s capital expenditures saw the most significant growth, rising 111.8% from $8.2 billion to $17.3 billion.
Earnings Per Share
Meta topped the earnings per share (EPS) rankings at $7.3, followed by Microsoft at $3.7. Tesla’s EPS surged by 176.9%, while Alphabet and Apple saw declines of 18% and 4.8%, respectively.
