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Tech stocks tumbled after Meta’s results disappointed

Technology stocks tumbled on Thursday with the tech-heavy Nasdaq 100 Index falling as much as 2% after Meta forecast weaker-than-expected sales in the current quarter while targeting higher capital expenditures.

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A disappointing earnings report from Meta Platforms Inc. has technology investors on edge ahead of results from some of the stock market’s biggest and most important companies in the coming days.

Meta’s Earnings Flop Sparks $400 Billion Selloff in Tech Stocks

The selloff wiped out roughly $400 billion in market value from the benchmark at the low.

Meta slumped as much as 16%. Alphabet Inc. and Microsoft Corp., which both report earnings on Thursday afternoon, dropped more than 5%. Amazon.com Inc., whose results are due on April 30, fell nearly 6%.



Source: Bloomberg
Image: Meta