Apple and Amazon defy economic gloom

Apple and Amazon have reported solid quarterly results — and optimistic forecasts moving forward — fueling investor confidence that the tech giants are well-positioned to weather the economic downturn.

Apple outpaced Wall Street expectations on revenue and profit, while Amazon also beat expectations on revenue growth. Both firms issued encouraging outlooks and expected remuneration to “accelerate” in the current quarter despite high inflation, supply chain constraints, and other challenges.