Google’s Results Spark an $85 Billion Rout for FANG Stocks
- The internet giant’s spending plan spreads competition concern
- Facebook, Amazon scheduled to report results later this week
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A bad earnings season for the tech industry just got worse with Google’s parent joining the ranks of stocks tumbling after results.
Shares of Alphabet Inc. slumped almost 5 percent as of 1:10 p.m. in New York after first-quarter results sparked concern that the internet company is embarking on a new spending binge to keep up with its biggest rivals. Other tech giants fell in tandem, with the FANG complex that also includes Facebook, Amazon and Netflix seeing almost $85 billion in market value wiped out.