American technology firms’ mixed results

<span data-caps=”initial”>T</span><small>HE BIG AMERICAN</small> tech firms continue to flirt with market valuations of $1trn, but their first-quarter earnings show that the outlook is mixed. Facebook shrugged off regulatory crackdowns but its margins dipped. Sales of Apple’s iPhones fell again, highlighting the need for new revenue sources. Alphabet, Google’s parent, shed 7.5% of its value after it reported slowing ad sales. Amazon’s (comparatively puny) profits doubled but sales growth slowed. Microsoft showed it is no tech has-been; it briefly joined the $1trn club.

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