$50bn wiped off the US tech titans as Wall Street investors fret over series of under-whelming results
Americas’s tech giants were last night on course to lose more than $50billion in value as Wall Street investors fretted over a series of under-whelming results.
The ‘FAANG’ stocks – Facebook, Apple, Amazon, Netflix and Google – all slumped into the red after US markets opened.
It followed a bombshell profit warning from Facebook on Wednesday, which saw a record $120billion wiped off its value in a single session.
Tech trouble: The ‘FAANG’ stocks – Facebook, Apple, Amazon, Netflix and Google – all slumped into the red after US markets opened
Amazon’s second quarter revenues the next day also missed analyst expectations, while Twitter on Friday reported a drop in users.
Yesterday investors dumped tech stocks. Netflix fell 5.3 per cent, Facebook by 3.8 per cent, Google and Amazon by around 2 per cent and Apple 0.6 per cent.
Twitter fell more than 7 per cent.
Collectively the companies were on course to lose more than $50billion in value.
With Apple due to report third quarter results today, brokers said further bad news could push the firms into even bigger losses.