Amazon and Apple Beat Earnings Estimates as Magnificent 7 Results Continue
On July 30, 2026, both Amazon (AMZN) and Apple (AAPL) reported earnings that exceeded Wall Street expectations. Amazon's sales and profits outperformed forecasts, with its stock rising in late trading despite modest gains for the year. Meanwhile, Apple also beat estimates on revenue and profit, driven by strong iPhone sales and a boost from tariff refunds. The company has been the best-performing Magnificent 7 stock this year. Investor attention is now shifting to Nvidia (NVDA), which is expected to report results in late August. Earlier in the week, Microsoft (MSFT) saw its shares rise over 15% after strong earnings while Meta (META) fell about 8%. The Magnificent 7 companies have been central to market movements due to their significant influence. Apple's services revenue was slightly below expectations at $30.74 billion for the quarter, and Amazon’s capital expenditures topped forecasts with a record $54.2 billion in spending.
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Topics: Amazon Apple Earnings Reports Magnificent 7