The Big Tech earnings were quite disappointing, except for one company
If you have been wondering why stocks like Amazon, Meta, Google, Microsoft, etc have been bleeding money out of your pocket, well it is because of their not-so-good earnings. These companies together lost a market cap of $350 Billion combined. Google and Microsoft led the downfall when Google reported $57 Billion in revenue which was slightly lower than expected and their year-over-year growth rate fell to 6% which has been the slowest since June 2020. YouTube's revenue fell for the first time. Google's stock fell by more than 9% on the day it reported their earnings Microsoft then contributed to the downfall when on the same day, the company had reported good numbers but then it was the company's next-quarter guidance that led to the sell-off. Microsoft is reportedly facing margin issues with their services which further decrease investor confidence. The stock fell by 7% on the same day when Google reported its earnings which led to a market downfall that day. Amazon and ...