Tech stocks soar to new highs after glowing earnings reports

The web is pulling in more shoppers, advertisers, businesses

Shares in Amazon.com, Microsoft and Alphabet hit records Friday after the technology giants reported earnings that showed strong revenue and profit growth for another quarter as the internet pulls in more shoppers, advertisers and businesses.

All three companies beat analysts’ estimates in the September quarter. Consumers and corporations are moving more of their day-to-day functions and business online, from groceries to workplace software, data storage and applications hosting. That means increased sales for Amazon’s online marketplace, more eyeballs on ads dished out in Google’s mobile search results, and busier servers in all three companies’ data centres.

Even technology companies on