Big Tech reports earnings; Amazon and Apple Inc. (AMZN) announced strong revenue growth from the core e-commerce business while cutting the pace of spending on Thursday. topped estimates with second-quarter revenue increasing by 11% to $134.4 billion, and the online stores increased by 4% to $53 billion.

This announcement raised shares to over 13% on Friday’s trading session topping $143 per share for their biggest intraday gain since November and over 68% this year.

In the past three months, the company’s operating expenses increased by 7.5%, Amazon Web Services by 12%, and sales and marketing costs by 6.5%, which ended in June, is the slowest rate since 2012, and the income more than doubled to $7.7 billion in the second quarter.

For the third quarter, Amazon projected revenue would be $138 billion to $143 billion, but the analysts’ average estimate is $138.3 billion.

Amazon says it will double the number of facilities capable of getting orders to customers on the same day while also providing its Prime customers with the fastest delivery speeds ever.  The company has also announced that it’s offering fresh food delivery to shoppers without Prime subscriptions.

Apple News (AAPL)

Unfortunately, the Apple iPhone revenue falls for the third straight quarter.  The iPhone sales missed the analysts’ expectations ($81.55 billion), and revenue fell to $81.80 billion, 1.4% over last year.  This is the third straight quarter of declines resulting in a drop of over 3% in trading on Friday for the tech giant.

These reports are ahead of Apple’s new upcoming lineup that includes the iPhone 15 and the Apple Watch Series 9, and CFO Luca Maestri expects the “September quarter year-over-year revenue performance to be similar to the June quarter”.

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