Magnificent Seven constituents Microsoft and Meta have both reported significant revenue increases over the recent quarter, sending their respective share prices skyrocketing.
Both tech giants highlighted the growth of their AI businesses as reasons for this surge in earnings. Meta saw its revenue jump 16% from the same period last year, posting $43.31bn, a rise from $36.45bn, beating Wall Street expectations. Magnificent Seven valuations require more structural changes to be budged from their perch Meanwhile, the company's net income surged 35% to $16.64bn for the quarter while its earnings per share (EPS) grew by well over a third (37%), from $4.71 to $6.43. In particular, Meta's advertising pulled in additional cash, with the average price per a...
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