Big Tech stole the spotlight in earnings reported after Thursday's closing bell, as Alphabet, Apple, Amazon and Facebook shattered Wall Street's expectations with combined total profits near $30 billion, although Google's advertising revenue fell for the first time.

The search-engine giant posted a $2.6 billion drop in advertising for the second-quarter from a year earlier, as some of Google's biggest advertisers, including travel companies and consumer brands, cut back on spending in the face of economic uncertainty. In all, Google's parent, Alphabet Inc., reported advertising revenue of $29.9 billion for the three months through June.

Apple exceeded expectations, reporting an 11% increase in quarterly sales from a year earlier behind strong demand for apps and work-from-home devices, as well as a slight uptick in its iPhone business.

Amazon.com Inc. said sales and profits soared in the second quarter as shoppers inundated the company's site with orders and employees working from home around the world drove growth in its cloud-computing unit.

Facebook Inc. powered through the throes of the pandemic, as the social-media giant posted higher revenue thanks to increased engagement from users.

Earlier in the day, makers of household staples and snack foods reported strong sales.

Earnings reported after the bell, at a glance:

Electronic Arts Inc.: The videogame maker reported first-quarter earnings and revenue that beat Wall Street expectations on the strength of new game releases and increased player engagement during the pandemic. The company also said it saw tens of millions more new players.

Expedia Group Inc.: The online-travel agency said its gross bookings fell 90% to $2.71 billion for the second quarter as it missed out on the normally lucrative summer travel season due to the Covid-19 pandemic, leading the company to swing to a loss.

Ford Motor Co.: The auto maker reported a narrower-than-expected adjusted loss in the second quarter, with sales halved in comparison with a year ago but in line with Wall Street forecasts.

MGM Resorts International: The company posted a 91% decline in quarterly revenue, the latest casino operator to reveal the continuing financial blow of pandemic shutdowns and curtailed global travel on the gambling industry.

Shake Shack Inc.: The burger chain reported comparable sales dropped 49% in its second quarter that ended June 24. It said it would start opening restaurants with drive-throughs, a sign of the heightened importance of that pickup option amid the Covid-19 pandemic.

Stryker Corp.: The medical-technology company swung to a loss in the fiscal second quarter as the its sales were dented by the postponement of deferrable medical procedures amid measures to contain the spread of the coronavirus.

United States Steel Corp.: The company swung to a loss for the second quarter as total shipments dropped with automotive manufacturers and other customers pulling back on orders as the coronavirus shut down the economy. It also said it incurred costs as it idled a major portion of its steelmaking operations.

Xilinx Inc.: The company posted lower profit and sales in the fiscal first quarter due in part to a ban on sales of certain products to customers based or with operations in China like Huawei Technologies Co., and Covid-19-related business disruptions weighed on its top and bottom lines.

World Wrestling Entertainment: The live-event producer said that its second-quarter net profit rose as it cut costs and adapted to the coronavirus pandemic.

Earnings reported earlier Thursday:

Procter & Gamble Co., the maker of household staples from Tide detergent to Charmin toilet paper, posted its strongest annual sales gain since 2006 as the pandemic kept the world's consumers at home and vigilant about cleaning.

Kellogg Co. reaped gains amid heightened demand for a number of its products, which include Cheez-It snacks, cereals and Morningstar Farms meatless food. The company raised its financial forecast for the year.

Keurig Dr Pepper Inc. reported a second-quarter profit as consumer behavior during the pandemic led to higher sales.

Nestle SA said first-half net profit rose but it experienced slower growth in the majority of its core markets in the second quarter due to the pandemic.

Kraft Heinz Co., however, wrote down the value of Oscar Mayer, Maxwell House and several other of its well-known brands, reflecting the challenges for the food maker despite strong sales in recent months amid the pandemic.

The pandemic pummeled British banks as many companies struggled to reopen and individuals reduced spending and deferred payments on loans. The industry is also grappling with Brexit and the increasing likelihood of negative interest rates.

Lloyds Banking Group PLC, Barclays PLC and the U.K. unit of Banco Santander SA increased loan-loss charges in the three months ended June, compared with a year ago.

Lloyds, the U.K.'s largest retail bank, reported an unexpected swing to a pretax loss for the first half of 2020 and said its outlook remains highly uncertain.

Write to Shayna Sebold at shayna.sebold@wsj.com and Rose Manzo at rose.manzo@wsj.com

 

(END) Dow Jones Newswires

July 30, 2020 18:34 ET (22:34 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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