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    Amazon, Apple, Google and Tesla have all done it. Here's why companies split their stock

    Google is just one of dozens of companies recently making its stock more affordable. The tech giant’s parent company, Alphabet (GOOGL), split its two classes of shares (GOOG) by a 20-to1 ratio in July.
    Amazon (AMZN) made the same 20-for-1 move in June while Tesla (TSLA) announced around the same time that it’s going with a 3-for-1 stock split. Apple (AAPL) has split its stock five times since the company went public.

    Watch this video as CNBC’s Emily Lorsch explains what a stock split is and why companies do it.

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    Stocks making the biggest moves in the premarket: Amazon, Roku, Intel, Chevron and more

    Take a look at some of the biggest movers in the premarket:
    Amazon.com (AMZN) – Amazon shares rallied 12.5% in premarket trading after it posted better-than-expected quarterly revenue and issued an upbeat outlook. Amazon logged an overall quarterly loss, owing largely to a $3.9 billion negative impact from its investment in electric vehicle maker Rivian (RIVN).

    Roku (ROKU) – Roku stock was slammed 23.2% in premarket trading after it reported a larger-than-expected quarterly loss and its revenue missed estimates as well. Roku also issued weaker-than-expected guidance as both ad sales and sales of its video streaming devices remain under pressure.
    Intel (INTC) – Intel shares tumbled 11.2% in premarket action after the chip maker’s quarterly profit and revenue fell short of Wall Street forecasts. Its revenue drop from a year ago was its largest in more than a decade, and its current-quarter guidance fell short of forecasts. Intel said supply chain issues and delays in the rollout of new data center chips were among the factors weighing on results.
    Chevron (CVX) – Chevron rallied 3.6% in premarket trading after beating top and bottom line estimates for its latest quarter, and increasing the top end of its share buyback guidance to $15 billion from the prior $10 billion.
    Procter & Gamble (PG) – Procter & Gamble missed estimates by a penny a share, with quarterly profit of $1.21 per share. Revenue exceeded forecasts. The shares fell 3.6% in the premarket as the consumer products giant predicts organic sales growth of 3% to 5% for the current fiscal year, the slowest since 2019 as consumers grow more cautious.
    Exxon Mobil (XOM) – Exxon Mobil added 2% in premarket action after the company posted a better-than-expected second-quarter profit. As with rival Chevron, Exxon benefited from higher prices for oil and natural gas as well as strong margins.

    Apple (AAPL) – Apple gained 2.3% in the premarket, after reporting quarterly profit and revenue that exceeded Wall Street forecasts. Earnings were down from a year ago, but Apple did see iPhone sales continue to grow.
    Newell Brands (NWL) – The company behind consumer brands like Sunbeam, Mr. Coffee and Crockpot reported better-than-expected earnings for its latest quarter. Its shares fell 2.9% in the premarket, however, after it issued weaker-than-expected current-quarter and full-year guidance, amid a weak macroeconomic environment.

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    Biden-Xi make plans to meet in person, U.S. official says — and China's leader has strong words on Taiwan

    U.S. President Joe Biden and Chinese President Xi Jinping ended a call Thursday with plans to arrange their first in-person meeting since Biden took office, a senior U.S. official said during a briefing.
    Xi stuck to strong words on the Taiwan issue, while Biden said the U.S. position has not changed, according to official readouts from the U.S. and Chinese governments.
    The two leaders’ latest conversation came at a tense period between their countries, particularly over recent rhetoric around Taiwan.
    “That the call happened is a mild positive and shows both leaders want to maintain a floor under deteriorating bilateral ties,” Eurasia Group analysts said in a note.

    U.S. President Joe Biden and Chinese President Xi Jinping held a phone call Thursday. Pictured here is their virtual meeting on Nov. 15, 2021.
    Mandel Ngan | Afp | Getty Images

    BEIJING — U.S. President Joe Biden and Chinese President Xi Jinping ended a call Thursday with plans to arrange a face-to-face meeting for the first time since Biden took office, a senior U.S. official said during a briefing.
    However, Xi stuck to strong words on the Taiwan issue, while Biden said the U.S. position has not changed, according to official readouts from the U.S. and Chinese governments.

    The readouts did not mention plans for an in-person meeting, but noted both sides plan to maintain communication. The U.S. official was briefing reporters after the call.
    “There was an exchange at the end about … a conversation about a face-to-face meeting being worked out between the teams,” the official said, according to a White House transcript. “From my perspective, there was very much a clear, affirmative agenda that was put forward and agreed to.”
    China’s Ministry of Foreign Affairs did not immediately respond to a request for comment.
    The two leaders’ latest conversation came during a tense period between their countries, particularly over recent rhetoric around Taiwan. Beijing considers the democratically self-ruled island as part of its territory.
    “That the call happened is a mild positive and shows both leaders want to maintain a floor under deteriorating bilateral ties,” Eurasia Group analysts said in a note. “Any future cessation of top-level US-China dialogue would be a negative sign for global stability.”

    Why tensions between China and Taiwan are on the rise

    “Xi did not escalate China’s threats but he did appear to warn indirectly that Pelosi’s trip could inflame Chinese nationalism,” the report said.
    Beijing has warned “strong and resolute measures” if Speaker of the U.S. House of Representatives Nancy Pelosi visits Taiwan this summer, as the Financial Times has reported, citing sources.

    Don’t play with fire

    During Thursday’s call, China’s leader maintained a firm line on the consequences of support for Taiwan’s independence.
    “Resolutely safeguarding China’s national sovereignty and territorial integrity is the firm will of the more than 1.4 billion Chinese people,” Xi said during the call, according to an official English-language release from China’s Ministry of Foreign Affairs.
    “Those who play with fire will perish by it,” the statement cited Xi as saying, in a section about his comments on China’s position on Taiwan. “It is hoped that the U.S. will be clear-eyed about this.”
    The U.S. “one China policy” of the last few decades has recognized Beijing as the sole legal government of China. The U.S. also maintains unofficial relations with Taiwan, with a policy of making sure the island has the resources to defend itself.

    Read more about China from CNBC Pro

    Biden said during Thursday’s call with Xi that U.S. policy on Taiwan has not changed, according to official readouts from China and the White House.
    Tensions between the U.S. and China escalated during the Trump administration, which put tariffs on billions of U.S. dollars’ worth of goods from China and banned U.S. businesses from selling supplies to some Chinese tech companies.
    Biden’s administration has cast the bilateral relationship as one of strategic competition.

    Areas of cooperation

    The call — which lasted about 2 hours and 20 minutes — discussed areas of potential cooperation such as climate change and health security, the U.S. official said.
    The Chinese readout noted Xi emphasized the need for both countries to communicate on “coordinating macroeconomic policies,” stabilizing supply chains, and protecting the security of global energy and food.
    Both leaders, who last spoke in March, also discussed the Russia-Ukraine war, the U.S. and Chinese governments said. Beijing has refused to call Moscow’s attack on Ukraine an invasion.

    There was never any chance the U.S. would violate its own one-China policy. Even a visit by Pelosi wouldn’t change that.

    Scott Kennedy
    Center for Strategic and International Studies

    The call marked “a step forward in being able to discuss deeply sensitive matters in a workman-like [way],” said Scott Kennedy, senior advisor and Trustee Chair in Chinese Business and Economics at the Center for Strategic and International Studies.
    “There was never any chance the U.S. would violate its own one-China policy,” Kennedy said. “Even a visit by Pelosi wouldn’t change that.”
    The two countries described the call as “candid” and said it was initiated by the U.S.
    The Chinese readout noted Biden requested the call. The White House said the call was part of the Biden administration’s “efforts to maintain and deepen lines of communication between the United States and the [People’s Republic of China] and responsibly manage our differences and work together where our interests align.”

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    Chevron, Exxon post record quarterly profits as commodity prices boom

    A floorhand operates a Chevron oil drilling rig near Taft, California.
    Chip Chipman | Bloomberg | Getty Images

    Exxon and Chevron posted record profits during the second quarter of 2022 as high commodity prices boost operations, and as the oil giants keep their spending in check.
    Chevron reported earnings of $11.62 billion during the three-month period, up from $3.08 billion during the second quarter of 2021.

    Exxon, meantime, posted earnings of $17.9 billion during the second quarter of 2022, compared to $4.7 billion during the second quarter of 2021.
    Shares of both companies added roughly 3% during premarket trading Friday.
    Chevron’s results beat analysts’ estimates on both the top and bottom line. Chevron earned $5.82 per share excluding items on $68.76 billion in revenue during the second quarter. Analysts were expecting the company to earn $5.10 per share on $59.29 billion in revenue, according to estimates compiled by Refinitiv.
    Exxon beat estimates, earning $4.14 per share excluding items versus the $3.74 per share expected, according to estimates from Refinitiv. But the company’s revenue, at $115.68 billion, missed the $132.7 billion analysts were expecting.
    The earnings come as energy stocks have faltered in recent months. Recession fears — and what that means for oil and petroleum-product demand — have weighed on the group. The energy sector hit a multi-year high in June, but it’s down 18% since.

    Still, energy stocks are by far the top-performing group this year, advancing 35%. The second-best sector is utilities, which have gained just 2.4%.
    Energy stocks’ ascent follows a surge in oil and gas prices, which have jumped as Europe looks to move away from Russian fuel.
    The companies’ record quarter is likely to draw further ire from Washington. President Joe Biden has called on companies to raise output, saying they’re keeping prices elevated at the expense of consumers. Surging energy costs have been a key contributor to decades-high inflation.
    For their part, oil and gas companies say they are raising output. They also note that they’re dealing with the same macro issues — such as labor — playing out across the economy.
    “We more than doubled investment compared to last year to grow both traditional and new energy business lines,” Chevron chairman and CEO Mike Wirth said in a statement.
    The company’s output in the Permian Basin rose 15% year over year. For its U.S. operations, the average sales price per barrel of oil was $89 during the second quarter, up from $54 during the same period last year.
    The average selling prices for natural gas surged to $6.22 per thousand cubic feet, up from $2.16 during the second quarter of 2022.
    The oil giant also increased guidance for its buyback program, lifting the top end of the range to $15 billion.
    “Earnings and cash flow benefited from increased production, higher realizations, and tight cost control,” Darren Woods, chairman and chief executive officer at Exxon, said in a statement.
    “Strong second-quarter results reflect our focus on the fundamentals and the investments we put in motion several years ago and sustained through the depths of the pandemic,” he added.
    Exxon said its oil-equivalent production stood at 3.7 million barrels per day in the second quarter, a 4% increase from the first quarter.

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    Don't expect a sudden turnaround on supply chain problems, top autos CEO says

    Renault’s CEO said Friday that there will be no sudden let up in the supply chain shortages that have dogged the autos industry, even as the carmaker dubbed its “emergency” period over.
    Luca de Meo told CNBC that the sourcing of raw materials would continue to be an issue for automakers, but added that the company had grown more resilient.
    “We don’t anticipate a sudden, complete improvement of the situation. But, in the meantime, we have learned to manage this complexity,” de Meo told CNBC’s Charlotte Reed.

    Renault has said that there will be no sudden let up in the supply chain shortages that have dogged the autos industry.
    Sameer Al-doumy | Afp | Getty Images

    Renault’s CEO said Friday that there will be no sudden let up in the supply chain shortages that have dogged the autos industry, even as the carmaker dubbed its “emergency” period over.
    Luca de Meo told CNBC that that the sourcing of raw materials was likely to continue to be an issue for automakers, but added that the company was now better placed to handle such disruptions.

    “We don’t anticipate a sudden, complete improvement of the situation. But, in the meantime, we have learned to manage this complexity,” de Meo told CNBC’s Charlotte Reed.
    He added that the company could now ensure 80% of its raw material needs from now to 2030.
    Supply chain issues have weighed heavy on the autos industry, with parts shortages stalling production amid increased demand. But de Meo said there had been signs in recent months that constraints were easing.
    “We think the situation [is] getting better; May and June were not so bad. But, of course, we are missing full transparency on supply chains because the world is becoming more complicated in general,” he said.
    The French automaker on Friday reported a 1.36 billion euro ($1.39 billion) net loss for the first half of 2022, owing to a 2.2 billion euro writedown of its Russian business following Moscow’s unprovoked invasion of Ukraine, as well as ongoing chip shortages.

    However, Renault upgraded its full-year outlook, pointing to improving profitability elsewhere in the business. It now expects to make 5% margin this year, compared with estimates of 3%. It will also produce around 1.5 billion euros of free cash flow, it added.
    De Meo dubbed the results “probably the best result we did in a semester in 10 years amid difficult circumstances,” adding that the carmaker could now “turn the page” on earlier shortcomings.
    “I think we can turn the page on emergency and move to a new phase for this company, no matter what happens outside,” he said.

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    New Zealand had one of the world's strictest Covid lockdowns. Now its borders are fully reopening

    After more than two years, New Zealand is fully reopening its borders and welcoming back all international travelers.
    The country is reopening on July 31, some three months earlier than previously announced.

    Earlier this year, New Zealand’s borders were opened to Australians and citizens of 60 places that do not need visas to enter, including Singapore, the United States and the United Kingdom.
    In 2021, New Zealand had some of the world’s strictest pandemic restrictions, including lockdowns triggered by a single Covid case, extensive testing and numerous public health mandates.
    Its largest city Auckland was on lockdown for 107 days, from August to December 2021, due to outbreaks of the highly infectious delta variant. 
    Many curbs have been lifted, but requirements to enter New Zealand remain stringent. Here’s what to know before you visit.

    The rules 

    With the exception of New Zealand citizens and Australians living in the country, visitors are required to provide proof of vaccination to enter, according to the government’s Covid information page. 

    Both electronic and paper vaccination certificates are acceptable. 
    Travelers need to do a rapid antigen test on their arrival date — although not necessary upon arrival at the airport — and a second one on the fifth or sixth day of their trip, according to New Zealand’s Ministry of Health. 
    Masks aren’t required outdoors, but they’re required indoors, such as in museums, supermarkets and pharmacies. 

    Cheapest time to visit 

    Despite inflation in New Zealand hitting a 32-year high of 7.3% earlier this month, Navigate Travel said prices of tours, activities and accommodations are the same price, if not cheaper, than what they were before the pandemic.
    “(A holiday in) New Zealand’s very cheap at the moment … Other than air travel, there’s never been a cheaper time to come,” said Daniel Painter, the travel agency’s managing director. 
    Since it was announced in May that the country’s borders would fully reopen at the end of July, there has been strong interest from travelers to visit, said Tourism New Zealand. 
    “Online searches for international flights to New Zealand (are) up 39% since the announcement was made, compared to pre-Covid searches,” said Gregg Wafelbakker, the tourism body’s general manager for Asia. More than 60% of this interest is coming from Australia, he said.

    However, Painter said that travel demand from Asia remains low, with visitors from the region coming mostly from Singapore. 
    The Singapore-based travel agency Chan Brothers Travel indicated a shortage of flights may be to blame.
    “Travel demand to New Zealand has been healthy ever since the borders [reopened] to Singaporeans in May. However, due to flight availability, we do observe demand outstripping supply,” said Jeremiah Wong, the agency’s senior marketing communications manager.

    Larger spends, longer trips

    After years of being locked out of New Zealand, travelers are indicating they are willing to spend more to travel for longer periods in the country, said Wong.
    “An eight-day New Zealand tour was a popular choice before the pandemic, but we are currently seeing more interest and bookings for our 11-day tour that allows travelers to take in the sights at a more relaxed pace,” Wong said. 
    Navigate Travel’s Painter shared similar sentiments, saying that travelers “want the ability to be able to relax and not have to worry about things, but they also want to be able to get lots of bang for their buck.”
    Painter said hikes in the country’s national parks, a scenic helicopter ride over Franz Josef Glacier, and whale watching near the town of Kaikoura on New Zealand’s South Island are just some of the activities that tourists shouldn’t miss.

    A helicopter flight above the Franz Josef Glacier.
    Peter Kolejak / Eyeem | Eyeem | Getty Images

    After remaining in Singapore for more than two years, Lew Moe Kien, 60, and her husband, 62, visited New Zealand for 12 days in May — just two weeks after its borders reopened to Singapore citizens.
    They said locals were elated to have tourists back in the country, and that they were welcomed with open arms at restaurants and other establishments. 
    “The places we visited in New Zealand were not crowded at all,” said Lew. “For many of the places of interest, it was only the two of us there.” 
    Lew and her husband visited both the North and South Islands of New Zealand, including Hobbiton — a popular destination for “Lord of the Rings” fans — the glow worm caves in Waitomo, and the pancake-shaped rock formations and blowholes at Punakaiki.
    Shirleen Tan, 46, a human resources professional from Singapore, is planning a trip to New Zealand with her family in December.
    “We were looking for somewhere with warm weather, and New Zealand is one of the few warm countries in December,” said Tan.
    She said she is looking forward to visiting vineyards for wine tastings, eating fresh oysters at oyster farms, and “enjoying the beautiful scenery that New Zealand is famous for.”  More

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    JetBlue won the battle for Spirit. Now it has to win over Biden's Justice Department

    Spirit Airlines agreed to sell itself to JetBlue Airways for $3.8 billion.
    JetBlue now needs approval from the Justice Department to complete the deal.
    President Joe Biden’s Justice Department has vowed to challenge out any deals that could harm competition.

    JetBlue Airways finally won over Spirit Airlines with a $3.8 billion takeover deal. Now it needs to win over antitrust regulators.
    The New York-based airline snatched Spirit away Frontier Airlines with an all-cash offer that torpedoed the cash-and-stock deal the two discount airlines had forged earlier this year. Hours after Spirit and Frontier said they terminated their merger agreement, which lacked shareholder support, Spirit said it agreed to sell itself to JetBlue.

    JetBlue said it expects to win regulatory approval in the fourth quarter of next year or the first three months of 2024. The carriers expect the deal to close in the first half of 2024.
    If regulators sign off, it would mean the end Spirit, a brand that has become a punchline about the indignities of discount air travel, where passengers trade comforts like standard legroom, snacks and free cabin baggage for a cheap fare.

    JetBlue Airlines and Spirit Airlines are seen on the departure board in the Fort Lauderdale-Hollywood International Airport on May 16, 2022 in Fort Lauderdale, Florida.
    Joe Raedle | Getty Images

    Will regulators allow an ultra-low-cost airline to get absorbed during the hottest stretch of inflation in decades and remodeled into JetBlue’s image, which more closely resembles large carriers?
    The regulatory hurdle is high. President Joe Biden’s Justice Department has vowed to challenge out any deals that could harm competition. Last year, it sued to block JetBlue’ alliance with American Airlines in the Northeast. A trial is set to begin in late September.
    JetBlue is optimistic. The DOJ lawsuit alleges American could overpower JetBlue and says the alliance, which lets American and JetBlue coordinate routes in busy airports serving New York and Boston, amounts to “a de facto merger.”

    JetBlue CEO Robin Hayes said a combined Spirit and JetBlue, which would become the country’s fifth-largest airline, would create a strong competitor to the big four U.S. carriers: American, Delta, United and Southwest. After more than a decade of consolidation, those carriers control roughly three-quarters of the U.S. market.
    “The best thing we can do to make the industry more competitive is to make a truly national, low-fare high-quality airline to compete on a more national scale with these legacy airlines,” Hayes said in an interview. “By merging JetBlue and Spirit together, we’re able to do that much more quickly than we would do alone.”
    American declined to comment. The Justice Department didn’t immediately respond to a request for comment but the agency’s antitrust chief, Jonathan Kanter, has promised a hard stance against anti-competition.
    “It is no secret that many settlements fail to preserve competition,” Kanter said in a speech in Chicago in April. “Even divestitures may not fully preserve competition across all its dimensions in dynamic market.”
    The Justice Department has signed off on airline mergers, though not without some legal battles. The combination of American Airlines and US Airways in 2013, for example, was approved at the end of that year after the department sued to stop the deal.
    But it is likely to require JetBlue and Spirit to divest some of their assets in the process, said John Lopatka, a law professor who specializes in antitrust law at Penn State Law.
    Without that, “there would be a public perception that [the Justice Department] just caved,” he said.
    Regulators will be studying fares and overlapping routes, particularly in places such as Florida where the airlines have large operations.
    “I think they’re up against a lot,” Lopatka said of JetBlue and Spirit. “I think there is almost no chance they’ll be able to pull off the merger without some concessions.”
    The Transportation Department, which would also need to sign off, didn’t immediately comment.
    Airlines have drawn scrutiny this year from high-profile lawmakers including Sen. Bernie Sanders, I-Vt., as passengers faced an increase in flight cancellations and delays, partially driven by staffing shortfalls.
    “I am closely reviewing the JetBlue-Spirit merger for its impact on consumers and workers, and I expect the Department of Justice and Department of Transportation will conduct an objective investigation as well,” Sen. Ed Markey, a Democrat representing Massachusetts, where JetBlue has a large operation, said in a statement

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    Amazon jumps on revenue beat and rosy guidance for third quarter

    Amazon reported second-quarter results on Thursday that beat on the top line.
    It also gave upbeat guidance for the third quarter.
    The stock jumped in extended trading.

    Amazon shares climbed more than 13% in extended trading on Thursday after the company reported better-than-expected second-quarter revenue and gave an optimistic outlook.
    Here’s how the company did:

    EPS: Loss of 20 cents
    Revenue: $121.23 billion vs. $119.09 billion expected, according to Refinitiv

    Here’s how other key Amazon segments did during the quarter:

    Amazon Web Services: $19.7 billion vs. $19.56 billion expected, according to StreetAccount
    Advertising: $8.76 billion vs. $8.65 billion expected, according to StreetAccount

    Revenue growth of 7% in the second quarter topped estimates, bucking the trend among its Big Tech peers, which all reported disappointing results prior Thursday. Apple, along with Amazon, beat expectations.
    Amazon said it expects to post third-quarter revenue between $125 billion and $130 billion, representing growth of 13% to 17%. Analysts were expecting sales of $126.4 billion, according to Refinitiv.
    Amazon has been contending with higher costs, as pandemic-driven expansion left the company with too many workers and too much warehouse capacity.
    “Despite continued inflationary pressures in fuel, energy, and transportation costs, we’re making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our fulfillment network,” CEO Andy Jassy said in a statement.

    Stock picks and investing trends from CNBC Pro:

    Amazon shaved its headcount by 99,000 people to 1.52 million employees as of the end of the second quarter after almost doubling in size during the pandemic.
    Technology companies have been announcing layoffs, hiring freezes and rescinding job offers in the midst of economic uncertainty. On a call with reporters, CFO Brian Olsavsky said Amazon will continue to hire engineers for units like Amazon Web Services and advertising, but will be cautious about hiring in other areas.
    “I think it’s right for people to step back and question their hiring plans,” Olsavsky said. “We’re doing that as well. I don’t think you’ll see us hiring at the same pace we did over the last year, or the last few years.”
    Amazon recorded a $3.9 billion loss on its Rivian investment after shares of the electric vehicle maker plunged 49% in the second quarter. That brings its total loss on the investment this year to $11.5 billion.
    Because of the Rivian writedown, Amazon had an overall loss of $2 billion in the quarter. Analysts’ EPS estimates varied dramatically, making it difficult to compare actual results to a consensus number.

    Rivian CEO RJ Scaringe and Udit Madan stand in front of the new Amazon EV van powered by Rivian. Amazon and Rivian unveil their final custom Electric Delivery Vehicles (EDV) to begin using them for customer deliveries, in Chicago, Illinois, July 21, 2022.
    Jim Vondruska | Reuters

    Amazon’s core e-commerce business continues to suffer as online sales are no longer flourishing like they were at the height of the Covid-19 shutdown. The company’s online stores segment declined 4% year over year. Physical store sales continued to rebound from the year-ago period, growing 12%.
    Amazon’s ad business is a bright spot in an otherwise gloomy quarter for online advertising, and shows the company is picking up share in one of its fastest-growing businesses.
    Ad revenue climbed 18% in the period. Facebook, meanwhile, recorded its first ever drop in revenue and forecast another decline for the third quarter. At Alphabet, advertising growth slowed to 12%, and YouTube showed a dramatic deceleration to 4.8% from 84% a year earlier.
    Among the other top tech companies, Microsoft also reported disappointing results this week. Apple beat on the top and bottom lines, lifting the stock in after-hours trading.
    Amazon’s cloud segment continues to hum along. Sales at Amazon Web Services jumped 33% from a year earlier to $19.74 billion, above the $19.56 billion projected by Wall Street.
    Operating income, which excludes the investment-related loss, shrank to $3.3 billion from $7.7 billion a year earlier. AWS generated operating income of $5.7 billion, accounting for all of Amazon’s profit plus some in the period.
    The upbeat results could also help improve the mood around Jassy, who replaced Jeff Bezos as CEO a little over a year ago. Jassy’s first year on the job has been marred by challenges, including an ongoing labor battle, the market downturn, growing regulatory pressure and an exodus of top talent.
    He’s also under pressure to show he can return Amazon’s core retail business to the growth investors have become accustomed to seeing, a difficult task given the macro pressures the company faces, such as soaring inflation and slowing consumer discretionary spending.
    WATCH: The first look at Amazon and Rivian’s electric delivery vans

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