Meta’s Earnings Flop Sparks $400 Billion Selloff in Tech Stocks
- Big Tech stocks tumbled after Meta’s results disappointed
- Microsoft and Alphabet are due to report after markets close
This article is for subscribers only.
A disappointing earnings report from Meta Platforms Inc. has technology investors on edge ahead of results from some of the stock market’s biggest and most important companies in the coming days.
Technology stocks tumbled on Thursday with the tech-heavy Nasdaq 100 Index falling as much as 2% after Meta forecast weaker-than-expected sales in the current quarter while targeting higher capital expenditures. The selloff wiped out roughly $400 billion in market value from the benchmark at the low.