Earnings reports from big tech companies are starting to trickle in, and the results so far aren’t pretty!
Microsoft said it expects a sharp decline in personal computer sales and the dollar’s strength to continue to weigh on growth.
Tweet on latest tech stocks s&p 500
Tech stocks dove Wednesday morning, pushed lower by disappointing results@Microsoft and Google's Parent @Alphabet Lead Tech Stocks Lower After Reporting Slowing Sales Growth via FactSet pic.twitter.com/Q2lf6TThzg
— The_Journalbiz (@the_journalbiz) October 26, 2022
FactSet chart on the tech ‘meltdown’
Alphabet reported its fifth consecutive quarter of slowing sales growth, with YouTube posting a drop in advertising revenue for the first time since the company began reporting the unit’s performance. Read Heard on the Street’s take.
Texas Instruments shared an outlook for the current quarter that fell short of Wall Street expectations.
Spottily posted a better-than-expected rise in revenue and users for the latest quarter.
on Wednesday; Meta Platforms is set to report after the market’s close. It is expected to show continued struggles to push through challenging business conditions.
On Thursday; Apple, Amazon.com and Intel are scheduled to report results after the closing bell.
After racing to record-breaking heights over the last two years, mega-cap technology stocks have seen their fortunes reverse this year. Still, they manage to hold tremendous sway over major indexes.
Together, six stocks—Apple, Microsoft, Alphabet, Amazon, Netflix and Meta—account for nearly 23% of the S&P 500’s value, FactSet data show.