Apple, Amazon quarterly results beat expectations

Apple reported revenues that narrowly surpassed analyst expectations as it enjoyed a boost from iPhone sales.

The company saw quarterly revenue of $94.9 billion in the three months ending September 28, up from the same period last year.

Revenue in greater China, however, showed weakness, falling slightly from the same period a year earlier to $15 billion.

Apple's iPhone sales came in at $46.2 billion. Investors are eyeing demand for new iPhones with artificial intelligence features, and Apple launched its iPhone 16 in September.

The company has since rolled out its first set of AI features dubbed "Apple Intelligence," across its premium iPhone, iPad and Mac devices, marking its major push into generative AI.

Besides Apple, other tech giants like Google, Microsoft and Amazon are convinced that generative AI's powers are the next chapter of computing -- boosting spending so as not to be left behind.

Meanwhile, e-commerce giant Amazon reported stronger-than-expected third quarter results  with significant growth in cloud computing and a return to profitability in its international segment.

The Seattle-based tech titan posted net sales of $158.9 billion for the quarter ending September 30, up 11 percent from the same period last year, with net profit up to $15.3 billion.

Amazon Web Services (AWS), the company's cloud computing division, continued its robust performance with sales increasing 19 percent year-over-year to $27.5 billion.