Tech stocks suffer two-day selloff as investors find ‘wrinkle or two' in Alphabet, Meta earnings

Despite better-than-expected results from Alphabet and Meta, investors dumped the stocks and rest of the tech sector over the past two days

Alphabet and Meta both reported better-than-expected results, but investors found concerning stories in each.At Meta,"management’s conservative tone tempered enthusiasm for a strong result and guide," wrote analysts from Guggenheim, in a report late Wednesday.

Ruth Porat, Alphabet's finance chief, told analysts that the numbers reflect"the impact of customer optimization efforts," a phrase that generally refers to clients reeling in their spending.sparked Alphabet shares are down by about 11% over the past two days, while Meta has dropped almost 7%. Amazon's stock has dropped more than 6% over that stretch, heading into its report after the close.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

NBCNewYork /  🏆 270. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

S&P 500 futures tick lower after Microsoft and Alphabet report: Live updatesTech giants Microsoft and Alphabet posted quarterly results late Tuesday, kicking off Big Tech earnings.
Read more »

S&P 500 futures tick lower after Microsoft and Alphabet report: Live updatesTech giants Microsoft and Alphabet posted quarterly results late Tuesday, kicking off Big Tech earnings.
Read more »

S&P 500 futures are little changed after Microsoft and Alphabet report: Live updatesTech giants Microsoft and Alphabet posted quarterly results late Tuesday, kicking off Big Tech earnings.
Read more »

Microsoft, Alphabet, Texas Instruments, Teladoc, SunPower, Boeing, Meta, and More MoversFiscal first-quarter revenue at Microsoft's Azure cloud business rises 29%, while Google Cloud revenue misses forecasts. Boeing, Meta Platforms, and IBM are...
Read more »

Strong ad show from Alphabet, Snap puts the spotlight on MetaStrong ad show from Alphabet, Snap puts the spotlight on Meta
Read more »

Strong showing by Alphabet, Meta signal ad market rebound underwayA rebound in the advertising businesses of Google, Meta (META.O) and Snap (SNAP.N) signaled that the growing adoption of artificial intelligence was drawing marketers to digital platforms even in an uncertain economy.
Read more »