Overview:
The Q1 2024 earnings season for big tech remained positive, extending a run that started a year ago when inflation started to ease and AI spending accelerated. There were fears that the hype over AI was starting to look bubblish. However, these doubts have been quashed when the largest companies that are exposed to AI reported largely positive performances with bullish outlooks.
In this report, we discuss the key takeaways from the Q1 2024 earnings of large US internet companies, with a particular focus on advertising, services and cloud. These are big tech companies with the largest economic ‘moats’, and are likely to determine the future prospects of the tech industry and beyond.
Table of Contents:
- Introduction
- Advertising – Repeat of positive momentum from last quarter
- Services – User base and value proposition propel the flywheel
- Cloud – Everyone wins as recovery gathers pace
Number of Pages: 6
Publication Date: June 2024