On Monday, we rounded up the quarterly earnings from Wall Street's biggest firms.
Now it's time to take a look around Silicon Valley at what America's biggest tech companies have reported for the quarter.
There were quite a few surprises as the tech sector reported mixed results. Seven companies beat expectations for both earnings and revenues, while another four beat just earnings expectations.
Of course, these are not the only measures Wall Street looks at, and analysts saw other data that they found troubling.
Only one company missed on earnings and actually lost money this quarter. Scroll through to find out who it was.
Netflix
Announced on: July 15
Revenue: $1.64 billion
Net Income: $26.3 million
EPS: $0.06
Comment: Netflix shares gained 18% on July 15, after the company announced better-than-expected earnings. Shares have more than doubled this year, making Netflix by far the best performing member of the S&P 500. The company also surpassed 65 million subscribers this quarter. In a letter to shareholders, CEO Reed Hastings attributed the growth to the "growing strength" of Netflix's original programming such as "Grace and Frankie," Marvel's "Daredevil," and "Orange is the New Black."
Intel
Announced on: July 15
Revenue: $13.2 billion
Net Income: $2.7 billion
EPS: $0.55
Comment: Intel surprised Wall Street by beating both the expected revenue of $13.04 billion and the expected EPS of $0.50. The surprise sent shares up as much as 8% on the day of the release. Leading the strong quarter were the Data Center Group and the Client Computing Group, which had $1.8 billion and $1.6 billion in operating profits, respectively.
"Second-quarter results demonstrate the transformation of our business as growth in data center, memory and IoT accounted for more than 70 percent of our operating profit and helped offset a challenging PC market," Intel CEO Brian Krzanich said in a press release.
Announced on: July 16
Revenue: $17.7 billion
Net Income: $4.8 billion
EPS: $6.99
Comment: Google beat the expected EPS of $6.73 but fell a bit short of the expected revenue of $17.79 billion. Nevertheless, the strong earnings, as well as comments by new CFO Ruth Porat, sent Google shares up 14% — the biggest one-day rally in the company's history. Porat assured investors that Google would work to control costs, while continuing to follow the company's "70/20/10" rule. Simply put, this rule dictates that 70% of Google's time, money and efforts go towards core competencies, 20% goes towards related projects, and 10% goes towards more far-reaching projects like smart contact lenses and internet balloons.
eBay
Announced on: July 16
Revenue: $4.38 billion
Net Income: $931 million
EPS: $0.76
Comment: Just hours before announcing earnings that beat expectations, eBay struck a deal to sell its enterprise business for $925 million. The business will be sold to a group led by private-equity firms Permira Funds and Sterling Partners. On the following day, eBay officially completed its spin-off of PayPal, which started trading on July 20 at above $40 a share — making it worth billions more than eBay.
IBM
Announced on: July 20
Revenue: $20.8 billion
Net Income: $3.8 billion
EPS: $3.84
Comment: While IBM beat the expected EPS of $3.78, it fell short of the expected revenue of $20.95 billion. According to The Wall Street Journal, Big Blue's 13% decline in revenue this quarter marks the 13th straight quarter of falling revenue. The Journal also pointed out that, coincidently, it's been 13 quarters since Virginia "Ginni" Rometty took over as CEO. IBM didn't have all bad news: The company also reported revenue boosts in new areas like cloud computing and analytics.
GoPro
Announced on: July 21
Revenue: $420 million
Net Income: $50.7 million
EPS: $0.35
Comment: GoPro crushed expectations for both earnings and revenues — the later being up 72% year-over-year.
"I couldn't be more proud of our aggressive pace of innovation," GoPro Founder and CEO Nicholas Woodman said in a statement. "With the introduction of HERO4 Session and HERO+ LCD, we've launched five new cameras in the past 10 months, exciting both new and existing customers and contributing to strong second quarter results."
Microsoft
Announced on: July 21
Revenue: $22.2 billion
Net Income: $6.4 billion
EPS: $0.62
Comment: Microsoft actually beat Wall Street's expectations for both earnings and revenues— but there's a catch. These numbers exclude both the $7.6 billion Nokia acquisition, as well as the restructuring costs associated with cutting 7,800 workers. Factoring these two items in, Microsoft actually had an operating loss of $2.1 billion, or $0.40 a share, this quarter. Meanwhile, sales of Windows and PCs were down, while Xbox and Surface revenues were up.
Yahoo
Announced on: July 21
Revenue: $1.04 billion (ex-TAC)
Net Income: -$22 million
EPS: -$0.02
Comment: Yahoo beat Wall Street's revenue expectations, but missed on earnings. The company's revenues were reported excluding traffic acquisition costs (TAC) — the revenue Yahoo pays to other companies to bring traffic to the site. Yahoo's TAC was $200 million, way up from $44 million in Q2 of 2014, and CFO Ken Goldman said that he expects this number to only go up.
Meanwhile, Yahoo's workforce is down to 11,000 full-time employees, representing two-thirds of the force that existed when Marissa Mayer took over as CEO three years ago.
Apple
Announced on: July 21
Revenue: $49.6 billion
Net Income: $10.7 billion
EPS: $1.85
Comment: Apple's revenue and earnings beat expectations and are up an impressive 33% and 45%, respectively. But that won't cut it for Wall Street, as the company's stock dropped more than 7% in after-hours trading due to iPhone sales. Though 47.5 million iPhone units were sold (up 35%) expectations were set on even bigger sales growth. Analysts were expecting 48.8 million units sold, with some even "whispering" as many as 50 million units.
Amazon
Announced on: July 23
Revenue: $23.18 billion
Net Income: $92 million
EPS: $0.19
Comment: Amazon crushed Wall Street's expectations for both revenue ($22.39 billion) and EPS (-$0.14), sending the stock up 18% on Thursday. The stock surge helped Amazon surpass rival Wal-Mart in terms of market cap, and Amazon founder and CEO Jeff Bezos personally made about $7 billion from it.
Amazon sales were up a surprising 20% year-over-year, which was largely driven by Amazon Web Services.
Announced on: July 28
Revenue: $502 million
Net Income: $49 million
EPS: $0.07
Comment: Twitter beat both revenue and earnings expectations and grew revenue 64% year-over-year— but that didn't stop the company's shares from tanking 12% following the announcement.
What really worried investors was the company's non-existent user growth. Twitter added only 2 million more monthly active users this quarter, while US users remained at 66 million users from the previous quarter. And Twitter executives were pretty blunt about the problem.
"We do not expect to see sustained meaningful growth in MAU until we start to reach the mass market," Twitter CFO Anthony Noto said during the company's earnings call. "We expect that will take a considerable amount of time."
Announced on: July 29
Revenue: $4.04 billion
Net Income: $1.4 million
EPS: $0.50
Comment: Facebook revenues were up 39% year-over-year, beating Wall Street's expectation for $3.99 billion. The company reported having 968 million daily active users— up 17% from last year— and 1.49 billion monthly active users.
Facebook's costs ballooned to $2.76 billion, from $1.5 billion in the same quarter last year. This was expected as the company warned that it would be committing a significant amount of time and money to R&D in 2014.
Meanwhile, much of Wall Street remains bullish on Facebook over excitement from monetization opportunities with Oculus, Instagram, WhatsApp and FB Messenger.