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Friday, August 01, 2025
What’s happening: Apple and Amazon released their earnings results for the latest quarter after the closing bell on Thursday.
What happened: Both tech giants reported stronger-than-expected quarterly sales and earnings.
While Apple’s active installed base of devices surged to fresh highs, Amazon recorded its biggest Prime Day event during the quarter.
How were the results: Both companies reported low double-digit revenue growth and topped market expectations.
Why it matters: Apple reported that its active installed base of devices surged to fresh highs across all products and geographies, driven by higher customer satisfaction and loyalty.
iPhone sales jumped to $44.58 billion, from $39.3 billion in the year-ago quarter. Mac sales rose to $8.05 billion, from $7.01 billion, while sales of iPad fell to $6.58 billion, from $7.16 billion in the year-earlier quarter.
“Today Apple is proud to report a June quarter revenue record with double-digit growth in iPhone, Mac and Services and growth around the world, in every geographic segment,” CEO Tim Cook said.
Amazon recorded its biggest Prime Day event in its history during the latest quarter, with independent sellers reporting record sales. North America sales rose 11% year-over-year to $100.1 billion, while International sales climbed 16% to $36.8 billion during the quarter. AWS sales jumped 17.5% year-over-year to $30.9 billion.
For the third quarter, the company guided net sales in a range of $174.0 billion to $179.5 billion, higher than market estimates of $172.8 billion. Management projected operating income of $15.5 billion to $20.5 billion, versus $17.4 billion in the year-ago quarter.
“Our conviction that AI will change every customer experience is starting to play out as we’ve expanded Alexa+ to millions of customers, continue to see our shopping agent used by many millions of customers, launched AI models like DeepFleet,” CEO Andy Jassy said.
How shares responded: Apple’s stock rose 2.4% to $212.59, while Amazon’s shares dipped 6.6% to $218.60 in the after-hours trading session.
What to watch: Investors will continue monitoring tariff-related announcements from US President Donald Trump, especially after Apple announced that tariffs cost it $800 million in the recent quarter.
Context: Equity markets in China traded higher this morning following the latest tariff-related announcement from US President Donald Trump.
Details: Trump disclosed fresh tariff rates, while maintaining a minimum global tariff of 10%. However, a 15% rate will be the new tariff floor for countries with which the US has a trade deficit. Key rates include 25% on exports from India, 50% for Brazil and 35% on Canadian goods.
The US will have a third round of talks with China, although there is lack of any clarity regarding what these trade negotiators may yield.
On the domestic data front, the Caixin China general manufacturing PMI declined to 49.5 in July, from 50.4 in the previous month. The figure also came in below market estimates of 50.2. The latest reading marked the second contraction in the region’s manufacturing activity in three months, following lower fresh export orders due to global trade concerns.
China’s SSE Composite Index gained 0.1% to reach 3,576.80 this morning, while the CSI 300 Index rose 0.16% to 4,082.30.
Meanwhile, the USD/CNY forex pair rose more than 0.1% to 7.2085.
What to watch: Data on Caixin services PMI (0545 UAE Time) and Caixin composite PMI (0545 UAE Time), due to be released on Tuesday, will remain in focus. The Caixin China general services PMI, which fell to 50.6 in June from May’s reading of 51.1, is expected to rise to 51 in July. Analysts expect the Caixin China general composite PMI to decline to 50.9 in July from 51.3 in the previous month.
Other Markets: European indices closed lower on Thursday, with the FTSE 100, DAX 40, CAC 40 and STOXX Europe 600 Index down by 0.05%, 0.81%, 1.14% and 0.75%, respectively.
Russia said its military had taken full control of the Chasiv Yar town in eastern Ukraine after nearly 16 months of fighting. The news sent the RUB/USD slightly higher in forex trading this morning.
Malaysia’s S&P Global manufacturing PMI climbed to 49.7 in July, from 49.3 in the previous month. The region’s manufacturing activity remaining in the contraction zone exerted pressure on the MYR/USD forex pair.
Taiwan’s S&P Global manufacturing PMI declined to 46.2 in July, from 47.2 in June. This being the steepest decline since August 2023 sent the TWD/USD pair lower in forex trading this morning.
South Korea’s S&P Global manufacturing PMI dipped to 48 in July, from 48.7 in the previous month. The region’s manufacturing activity falling for the sixth straight month exerted pressure on the KRW/USD forex pair.
Japan’s S&P Global manufacturing PMI was revised higher to 48.9 in July compared to the preliminary reading of 48.8. However, the latest reading came in lower from June’s 50.1, sending the JPY/USD pair lower in forex trading this morning.
Eurozone’s HCOB manufacturing PMI (1200 UAE Time) and inflation rate (1300 UAE Time), Italy’s retail sales (1200 UAE Time), UK’s S&P Global manufacturing PMI (1230 UAE Time), South Africa’s ABSA manufacturing PMI (1300 UAE Time), India’s bank loan growth (1530 UAE Time), deposit growth (1530 UAE Time) and foreign exchange reserves (1530 UAE Time), Brazil’s industrial production (1600 UAE Time) and S&P Global manufacturing PMI (1700 UAE Time), Mexico’s business confidence (1600 UAE Time) and S&P Global manufacturing PMI (1700 UAE Time), US nonfarm payrolls (1630 UAE Time), unemployment rate (1630 UAE Time), average hourly earnings (1630 UAE Time), manufacturing payrolls (1630 UAE Time), nonfarm payrolls private (1630 UAE Time), S&P Global manufacturing PMI (1745 UAE Time), ISM manufacturing PMI (1800 UAE Time), Michigan consumer sentiment (1800 UAE Time), construction spending (1800 UAE Time), ISM manufacturing prices (1800 UAE Time), Michigan inflation expectations (1800 UAE Time), Michigan consumer expectations (1800 UAE Time), Baker Hughes oil rig count (2100 UAE Time) and Baker Hughes total rigs count (2100 UAE Time), Singapore’s SIPMM manufacturing PMI (1700 UAE Time), as well as Canada’s S&P Global manufacturing PMI (1730 UAE Time).
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