$50bn wiped off the US tech titans as Wall Street investors fret


$50bn wiped off the US tech titans as Wall Street investors fret over series of under-whelming results

City & Finance Reporter for the Daily Mail

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

Tech trouble: The 'FAANG' stocks ¿ Facebook, Apple, Amazon, Netflix and Google ¿ all slumped into the red after US markets opened

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.

 

 

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