Apple, Amazon and Meta, three of the biggest tech companies, reported their quarterly earnings for the December 2023 fiscal quarter. While shares of Amazon and Meta surged due to strong earnings, Apple saw its stock slip after a sales slowdown in its China market. 

Apple’s market capitalisation fell by $70 billion after it announced its quarterly results, while Meta Platforms and Amazon.com saw a combined $280 billion increase in their stock market value on Thursday.

Apple reported $119.58 billion in revenue, beating Wall Street expectations. Despite Apple’s quarterly results being better than expected, its shares slipped 3.3% since its sales in China fell short of estimates. The California-based company’s sales in China dropped from $23.9 billion to $20.8 billion. 

In its fourth-quarter earnings report, Meta posted a 25% increase in revenue from $32.2 billion to $40.3 billion, marking the fastest growth rate since mid-2021. Meta’s share prices surged over 14% to a record high of $451 after the social media giant declared its first-ever dividend. Meta announced its plans to pay a dividend of 50 cents per share and a $50 billion share buyback.

Amazon’s shares jumped 8% as the company beat December-quarter revenue expectations, led by strong growth in online spending during the holiday shopping season. The company’s net income surged to $10.6 billion compared to $278 million in the same period last year.