For the past decade, the biggest tech companies kept getting bigger, rapidly increasing their revenue as they conquered new industries. But latest earnings reports from Facebook and Amazon led to both companies’ stocks falling more than 20 percent.
Amazon’s stock fell more than 20 percent in after-hours trading after the company announced its quarterly results. It said it expected sales between $140 billion and $148 billion during the quarter, a slight increase from last year but falling short of analyst expectations.
The company is going to be “very careful” with its hiring, he said, and is pausing hiring in certain divisions. The company has already implemented a hiring freeze in its core retail business to last through the end of the year,Facebook’s shares plummeted nearly 25 percent to its lowest price in eight years.
Apple, which has bulldozed itself to being worth more than $2.3 trillion dollars on the strength of sales of its iPhone,
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