In a busy day for corporate earnings, Apple reported quarterly revenue that edged past analysts' expectations, fueled by demand for iPhones and Macs, though the results fell short of a blockbuster quarter. The tech giant saw weakness in the Americas and Europe, but outperformed in China and other parts of Asia. iPhone sales matched Wall Street estimates, while services revenue showed growth.
Meanwhile, Roblox shares tumbled after the gaming platform's earnings disappointed investors, with key metrics such as bookings and user engagement falling short of targets. The company cited a challenging macroeconomic environment and increased competition.
On the positive side, Reddit reported earnings that exceeded forecasts, driven by strong advertising revenue and user growth. The social media platform saw a surge in daily active users and improved monetization, sending shares higher in after-hours trading.
Overall, the mixed earnings reports highlight the uneven recovery across sectors, with consumer-facing companies facing headwinds while others benefit from digital transformation trends.