Amazon.com gave a weaker-than-expected forecast for operating profit in the current quarter, pointing toward tariffs and trade policies that may cause consumers to pull back on spending. The world’s largest online retailer projected operating profit of $13 billion to $17.5 billion, compared with an average estimate of $17.8 billion. Sales will be $159 billion to $164 billion in the period ending in June, the company said Thursday in a statement. Analysts, on average, expected $161.4 billion.

Amazon shares have fallen about 13% this year as Wall Street weighs the impact of President Donald Trump’s tariffs on a retail operation that sources much of its goods from China. Investors are generally bullish on the company’s efforts to become a major force in artificial intelligence, but there are concerns that Amazon’s prodigious spending on data centers may not translate into meaningful sales growth any time soon.

Amazon Web Services, the largest seller of rented computing power, reported first-quarter sales gained 17% to $29.3 billion, in line with analysts’ estimates. It was the unit’s slowest growth in a year.
For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with:

• Bloomberg Technology co-host Caroline Hyde
• Bloomberg Intelligence senior US e-commerce and retail analyst Poonam Goyal

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On today's podcast:

1) Microsoft Corp. shares jumped after the company reported stronger-than-expected quarterly sales and profit growth, suggesting customer demand for cloud services has held steady despite a wave of tariffs and economic turbulence.

2) Meta Platforms Inc. quelled Wall Street concerns about the impact of the Trump administration’s trade war on advertising sales, reporting first-quarter revenue that beat expectations and forecasting additional spending. 

3) The US and Ukraine reached a deal over access to the country’s natural resources, offering a measure of assurance to officials in Kyiv who had feared that President Donald Trump would pull back his support in peace talks with Russia.

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Microsoft Corp. reported better-than-expected sales and profit, suggesting customer demand hasn’t been rattled by tariffs and wider economic uncertainty. Total revenue in the fiscal third quarter increased 13% to $70.1 billion, while adjusted profit was $3.46 a share, the company said in a statement Wednesday. Analysts on average estimated sales of $68.5 billion and adjusted per-share earnings of $3.21.

Meta Platforms Inc. posted first-quarter sales that beat Wall Street estimates, a sign that the company’s advertising business is so far weathering the Trump administration’s ongoing trade war. Sales were $42.3 billion in the first quarter, the maker of Facebook and Instagram said Wednesday. That beat analysts’ estimates for $41.4 billion for the quarter ended March 31. The company also said current-quarter revenue will be in line with analysts’ expectations, and that it will boost spending as it continues to invest in artificial intelligence.

Qualcomm Inc., the biggest maker of chips that run smartphones, gave a tepid revenue prediction for the current quarter, underscoring concerns that tariffs will hurt demand for its products. Revenue in the period ending in June will be $9.9 billion to $10.7 billion, the company said Wednesday in a statement. The midpoint of that range was slightly below the average analyst estimate of $10.33 billion. The outlook renews concern that the market for smartphones is suffering from a looming trade war.

For instant reaction and analysis to these results, plus other tech earnings, hosts Tim Stenovec and Carol Massar speak with Bloomberg Intelligence senior technology analysts Mandeep Singh and Kunjan Sobhani. Bloomberg Technology Co-Host Ed Ludlow also joins alongside Clockwise Capital Technology Analyst James Cakmak.

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On today's podcast:
1) President Trump marks his first 100 days in Michigan car country and hits the Fed as he defends sweeping tariffs. Trump criticized Federal Reserve Chairman Jerome Powell, saying he's "not really doing a good job" and that Trump knows more about interest rates than Powell does. He also defended his economic policies, including tariffs, which he claims will inspire economic growth and lure manufacturers back to the US.
2) Amazon says it will not display the cost of tariffs on products. Amazon will not display the cost of US tariffs on products after the White House criticized the reported move and President Donald Trump called Jeff Bezos to complain. The company said the idea was never a consideration for the main Amazon site and nothing has been implemented on any Amazon properties.
3) Microsoft and Meta release earnings after the closing bell. Investors are cautiously optimistic, but the bullish Big Tech proposition is coming under scrutiny, with four of the Magnificent Seven reporting earnings this week.

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On today's podcast:
1) Canada’s Liberal Party is projected to win a fourth consecutive election, giving a mandate to former central banker Mark Carney after a campaign in which he pledged to boost economic growth and stand up to US President Donald Trump in a trade war.
2) President Donald Trump is on track to ease the impact of his auto tariffs, with changes sought by the industry that would lift some levies on foreign parts for cars and trucks made inside the US.
3) Spain and Portugal were returning to some semblance of normality early Tuesday, with many questions remaining about what caused one of Europe’s worst blackouts in years across the Iberian peninsula the previous day.

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On today's podcast:

1) President Donald Trump’s tariff onslaught has roiled Washington and Wall Street for nearly a month. If the trade war persists, the next upheaval will hit much closer to home.

2) Donald Trump promised Americans a “boom like no other” if they elected him president. But based on the stock market’s performance during his first 100 days in office, it depends on what you mean by “boom.

3) Canada is holding an election on April 28, with the Liberal Party led by Mark Carney and the Conservative Party led by Pierre Poilievre as the top contenders.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to the April jobs report and big tech earnings.
• In the UK – a look ahead to local elections.
• In Asia – a look ahead to China PMI data.

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On today's podcast:   

1) European stocks surrendered most of an early advance and Wall Street futures pared gains as China played down progress in its trade dispute with the US.   

2) Google parent Alphabet Inc. reported first-quarter revenue and profit that exceeded analysts’ expectations, buoyed by continued strength in its search advertising business.   

3) Apple Inc. is seeking to import most of the iPhones it sells in the US from India by the end of next year, accelerating a shift beyond China to mitigate risks related to tariffs and geopolitical tensions.

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Google parent Alphabet reported first-quarter revenue and profit that exceeded analysts’ expectations, buoyed by continued strength in its search advertising business. First-quarter sales, excluding partner payouts, were $76.5 billion, the company said Thursday in a statement. Analysts had expected $75.4 billion on average, according to data compiled by Bloomberg. Net income was $2.81 per share, compared with Wall Street’s estimate of $2.01.The shares, which have declined 16% so far this year, rose more than 3.5% in extended trading following the report.

Alphabet needs to ensure momentum in its internet search advertising and cloud businesses in order to justify its heightened investment in the artificial intelligence race. Competition is prompting the company and its rivals to spend heavily on infrastructure, research and talent. While Google benefits from AI startups spending on its cloud and business tools, it’s also racing to present an answer to popular conversational AI chatbots, which consumers are beginning to think of as an alternative to using Google Search.

For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with:

• Mark Douglas, MNTN President and CEO
• Bloomberg Intelligence Senior Tech Industry Analyst Mandeep Singh

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China Says U.S. Should Revoke Tariffs; Trump Approval Rating DropsOn today's podcast:
1) China demanded that the US revoke all unilateral tariffs and said there were no talks on reaching a trade deal, maintaining a a tough stance despite President Donald Trump’s easing of criticism of the country
2) The Trump administration is considering whether to reduce certain tariffs targeting the auto industry that carmaker executives have warned would deal a severe blow to profits and jobs.
3) The New York Times is reporting President Trump’s approval rating has sunk to about 45 percent, down from 52 percent one week after he took office.

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