20 out of 21 Information Technology Companies Beat Expectations, Apple Announces $110 Billion Share Buyback

Information technology stocks were the focus of attention this week, with companies like Apple, Super Micro Computer, Advanced Micro Devices, and Qualcomm reporting their earnings. Despite the information technology sector being down nearly 6% quarter-to-date compared to the overall market downturn, 19 out of the 21 companies that reported earnings beat expectations while two missed. On the revenue side, 14 companies exceeded estimates while seven fell short.

Apple’s shares rose after reporting better-than-expected second-quarter results, despite concerns about iPhone sales in China. The company also announced a $110 billion share buyback, the largest in the U.S. to date. Super Micro Computer’s stock tumbled after a mixed third-quarter earnings report that fell short of market expectations, despite a significant increase in revenue from a year ago. Chipmaker AMD reported results and guidance that were in line with expectations.

So far this quarter, 42 out of 383 companies reporting results are part of the information technology sector. Various sub-industries within the sector, such as professional services, software, semiconductors, and technology hardware, have also reported earnings. A majority of companies in the sector have beaten expectations for both earnings per share and revenue.

Looking ahead to next week’s upcoming reports, notable information technology companies like Palantir Technologies, Arm Holdings and Unity Software are set to release their results for investors to gain insight into their performance as well as exposure to the entire information technology sector through an investment vehicle like Technology Select Sector SPDR ETF .