Why Are Tech Stocks MSFT, GOOGL, META Down Today?
Tech stocks aren’t doing so hot on Wednesday as investors react to negative earnings reports from major players in the space.
Alphabet (NASDAQ:GOOGL,GOOG) starts off the bad news for tech stocks today with its earnings report. The company reported earnings per share of $1.06 on revenue of $69.09 billion. Both of those miss Wall Street’s estimates of $1.25 per share and $70.66 billion for the quarter.
Adding to that, Microsoft (NASDAQ:MSFT) also released results for its fiscal first quarter of 2023. The computer giant brought in EPS of $2.35 on revenue of $50.12 billion. These both come in above analysts’ estimates of $2.31 per share and $49.69 billion. However, slowing cloud sales kept investors from celebrating the beats.
Saxo Capital Markets strategist Jessica Amir said the following to Bloomberg about tech stocks falling today.
“The global economy is at a tipping point. The stronger dollar will continue to hurt businesses’ forward earnings, at a time when consumer demand is likely to fall with the reverse wealth effect expected to grip markets. Pressure remains on riskier asset classes such as tech.”
Let’s get into specific movements from major tech stocks today below!
Tech Stocks Falling on Wednesday
- GOOGL stock is down 8% as of Wednesday morning.
- MSFT shares are falling 6.9% as of this writing.
- Shares of Meta Platforms (NASDAQ:META) stock are dropping 3.2% this morning.
There’s more stock market news traders will want to know about below!
We’ve got all of the latest stock market stories for investors to sink their teeth into today! For Wednesday, that includes what’s moving shares of Bed Bath & Beyond (NASDAQ:BBBY), Boeing (NYSE:BA), and Mobileye Global (NASDAQ:MBLY) stock today. You can check out all of this news at the following links!
More Wednesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.