US tech companies report a $1.1 trillion revenue hit

Google (US) reported a $975 million net loss on revenue of $974 million in the third quarter of 2017.

That is down from a $917 million net profit in the same quarter a year ago.

The news comes a day after the tech giant reported an $890 million loss on sales of $1,971 million in its fiscal first quarter of the year.

The company also said it lost $3.5 billion on net income of $3,964 million.

Apple (US), Microsoft (US)’s (NASDAQ:MSFT) (NASD:MSft) (EPS:MSI) (OTC:MSGO) and Amazon (NAS:AMZN) reported quarterly profits of $2.6 billion, $2 billion and $2,7 billion, respectively.

Apple and Microsoft posted earnings per share of 52 cents and 45 cents, respectively, as they released earnings reports on Wednesday.

Apple’s earnings report comes as the company continues to battle a wave of lawsuits from former Apple employees who accuse the company of stealing their technology.

Apple was forced to pay a $13 billion settlement to former employees over alleged copyright infringement.

Microsoft (NASDA:MSFC) reported earnings of $18.4 billion for the fiscal first and third quarters of 2017, down from $22.3 billion a year earlier.

The Microsoft Corporation posted $13.4 million in net income and $13 million in EPS, according to the company’s latest quarterly earnings report.

Apple posted a net loss of $10.3 million in 2016.

Apple also reported a net profit of $12.6 million in 2017, compared to $12 billion a decade ago.