FANG earnings spurring new record highs

Investing.com - Earnings season is in full force and many leading companies have already reported earnings, including Facebook (NASDAQ:FB), Netflix (NASDAQ:NFLX), and Alphabet (NASDAQ:GOOGL), previously known as Google. The fourth wheel of the FANG quartet, Amazon (NASDAQ:AMZN), is set to report earnings today after the close. Facebook reported earnings yesterday, after the close. The social media network reported an EPS of 1.32 dollars, compared to the 1.13 dollars expected. Facebook's revenue for the quarter was 9.32 billion dollars, up 45 percent from the year ago period. Investors were satisfied with the report and shares went up almost 4% in after hours, to a record high of 171 dollars.Netflix reported earnings on Monday last week. The streaming company blew past Wall Street's subscriber growth expectations, when it reported 5.2 million additional subscribers – 2 million more than expected. Netflix did miss on earnings, as it declared an EPS of 0.15 dollars versus the awaited 0.16 dollars. Investors chose to focus on subscriber growth, and sent Netflix's shares to an all-time high of 191 dollars in the following days.Alphabet, previously known as Google – the "G" of FANG, reported earnings earlier this week, on Monday. Profit plunged as the company registered the 2.7 billion dollar fine imposed on it by the European Union. Revenue was up over 20 percent to 26 billion, but fear regarding more potential fines and lawsuits are hurting the stock. Alphabet is now trading for 965 dollars, 3.5 percent below its pre-earnings price of 1000 dollars.Amazon will be the last FANG stock to report, today after the closing bell. Analysts are looking for 1.4 dollars of earnings per share, on 37 billion dollars in revenue. Amazon Web Services, its cloud segment, is expected to once again show significant growth. The e-commerce giant recently acquired Whole Foods in an effort to enter the groceries marker, as well as inked deals with Nike (NYSE:NKE) and Sears regarding featuring their products on its platform.Overall, FANG earnings have supported the uptrend, and the tech sector is still looking up.