Webusch analyst Dan Ive said Thursday that calls off apple inc AAPL, Amazon.com, Inc AMZN and Google parents alphabet inc Google WELL paint a different “demand picture” than what tech bears have envisioned.

What happened: Ives said on Twitter, “Big tech calls from Apple, Amazon and Alphabet paint a very different picture of the demand environment than tech bears were hoping.”

“Be careful in the air BUT sounds more like a soft landing backdrop. Many are screaming better than feared fire into a crowded theater tech eps season,” the Wedbush analyst said.

Ives said in a previous tweet that Apple’s demand was “firmer than feared.”

Ives said Apple CEO Tim cook expressed confidence during the company’s conference call. He said March’s iPhone commentary was positive and will be a focus of the Street. He said, “Teflon-like is Cupertino despite macro storm clouds.”

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Why it matters: Apple reported the first quarter earnings per share of $1.88 is missing a consensus estimate of $1.94 per share. iPhone revenue fell 8.17% year over year to $65.78 billion, falling short of a forecast of $68.9 billion MorganStanley analyst Eric Holzring.

Amazon reports Net sales in the fourth quarter of $149.2 billion, up 9% year over year, a number above Street’s estimate of $145.45 billion Benzinga Pro data.

Alphabet said so fourth quarter revenue increased 1% year over year to $76.05 billion, beating the median analyst estimate of $75.69 billion. The company said it is on an “important path” to overhaul its cost structure.

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