Magnificent 7 Companies Report Profits in Q2
(MENAFN) The seven largest global corporations—Microsoft, Apple, Alphabet, Amazon, Meta, Nvidia, and Tesla—collectively announced a net profit of $143 billion for the second quarter, according to their financial disclosures.
These businesses, commonly referred to as the "Magnificent 7," experienced a 27.6% increase in net profit year-over-year and a 3.5% growth from the preceding quarter.
Their combined revenues reached $551.4 billion, reflecting a 15.4% rise compared to the same period last year and a 6.6% uptick from the prior quarter.
Capital expenditures (CapEx) for these companies surged by 66.1% annually, climbing from $58.3 billion to $96.8 billion, with a 24.6% quarterly increase.
Among the group, Alphabet, the parent company of Google, recorded the highest net profit at $28.2 billion for Q2.
Following Alphabet were Microsoft with $27.2 billion, Nvidia with $26.4 billion, Meta with $18.3 billion, Amazon with $18.2 billion, and Tesla with $1.2 billion.
Tesla showed the highest quarterly net profit growth at 186.6%, up from $409 million in the previous quarter, according to the data.
Nvidia saw a 40.7% increase in its quarterly net profit, Meta grew by 10.2%, Amazon saw a 6.1% rise, and Microsoft reported a 5.5% gain.
Meanwhile, Alphabet faced an 18.4% drop, and Apple experienced a 5.4% decline.
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