Facebook and Apple Lose When the Wall Street Opens
The US stock markets started trading with losses on Friday. Major tech giants such as Facebook, Apple and Amazon were unable to convince with their quarterly reports, causing billions in stock market value to go up in smoke.
At the same time, concerns about the rising number of corona infections in the United States and Europe weighed on sentiment.
Facebook fell nearly 3 percent in its first trading minutes. The social media company generated more than a fifth more revenue from advertising in the third quarter, despite the boycott that many large companies announced against Facebook this summer.
However, the tech company, which also owns Instagram and WhatsApp, was more pessimistic about the near future. The threat of stricter regulations for social media companies creates uncertainty.
Apple (minus 4 percent) also failed to get the hands of investors. The tech giant Apple has recently sold more Mac computers than ever. However, the turnover of the iPhone branch was disappointing. That’s because customers had to wait a little longer for the delayed iPhone 12 to arrive.
Amazon managed to maintain its high growth rate in the third quarter. That seems optimistic, but investors are concerned about the retail giant’s outlook for the holiday season. They were less confident than generally expected, and the share fell just under 3 percent.
Investors did reward Google mother Alphabet, with a price jump of almost 7 percent. The group has recently benefited from increased advertising revenue on the search engine and YouTube.