Tech companies announced quarterly earnings last week, and everything was up. Alphabet's revenue was up 24%, but because of the new tax law, it actually lost money. Alphabet had an additional tax expense of $9.9 billion, but that money went toward taxes on funds that were kept overseas to avoid that tax. Ebay lost money because it had to pay $3.1 billion, and Lenovo lost money because it had to pay $400 million in taxes.
Apple was the most interesting, however, with record revenue and record profits. Year over year revenue was down by 5%, though. Quarterly iPhone sales were down 1% as well year over year. This is an interesting one, because Apple came out with both iPhone 8 and iPhone X. Apple says there are 1.3 billion active devices around the world, which is a record for the company. 70% of Apple's revenue comes from the iPhone. The iPad is only 7%, and the Mac is 8% of Apple's overall revenue. Apple actually made more money from services, like iCloud and Apple Music, than it did on the Mac or iPad. iPad sales and Mac sales were up 13%, though. Apple's total revenue was $88.3 billion a year, with a profit of $20 billion.