IT Sector’s Q2 Earnings Report Card: Apple, Super Micro Computer, AMD and More Beat Expectations, Despite Downturn”.

Information technology stocks were the focus of attention this week as companies such as Apple, Super Micro Computer, Advanced Micro Devices and Qualcomm released their quarterly results. The sector has seen a downturn of nearly 6% compared to the overall market decline so far this quarter. Out of the 21 companies that reported earnings, 19 beat expectations while two fell short. On the revenue side, 14 companies exceeded estimates while seven underperformed.

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 U.S. history. Meanwhile, Super Micro Computer’s stock took a hit after a mixed third-quarter earnings report that fell short of market expectations, despite a significant increase in revenue from the previous year. 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, including professional services, software, semiconductors and technology hardware, have also released their earnings reports. A majority of companies in the sector have beaten expectations for both earnings per share and revenue.

Looking ahead to next week, notable information technology companies like Palantir Technologies, Arm Holdings and Unity Software are set to release their results. The Technology Select Sector SPDR ETF offers investors an opportunity to gain exposure to the performance of the entire information technology sector as a whole.