Big Tech companies like Apple and Microsoft, which are due to report their results next week, have come under additional pressure, with the Nasdaq 100 now on pace for its worst month since the 2008 financial crisis.
A grim outlook from streaming giant Netflix Inc. was the latest excuse to sell the industry’s shares. Amazon.com Inc. and Facebook parent Meta Platforms Inc. were down over 20% from their records.
More than $1.7 trillion in value has been erased from the Nasdaq 100 in January, with the tech-heavy gauge entering a correction this week after falling more than 10% from a recent peak. The industry that has powered the bull-market rally from the depths of the pandemic has recently suffered on concern that skyrocketing valuations, the potential for slowing earnings and Federal Reserve tightening will make it harder to justify more gains going forward.
Netflix cratered more than 20% Friday after saying it expects to add just 2.5 million users in the current quarter — well short of Wall Street’s estimates. The selloff sent the stock to its worst session in almost a decade. Tech shares in the S&P 500 and a gauge of chipmakers had their biggest weekly losses since the onset of the pandemic.
MacDailyNews Take: Perhaps Apple will again provide quarterly guidance, giving AAPL investors some foundational stability when the company reports Q122 results on January 27th. Analysts’ consensus expects the company to earn $1.88 a share on all-time record quarterly revenue of $118.2 billion.
Yes, that’s $118.2 billion in 90-odd days.
For some perspective, both Bank of America and Target posted annual revenue of around $93.5 billion in 2021.
We’ll have Apple’s results for you as soon as they are released, just check our homepage right around 1:30 p.m. PT / 4:30 p.m. ET on January 27th. We will follow that with live notes from Apple’s’ conference call starting at 2:00 p.m. PT / 5:00 p.m. ET on the 27th.
Interns: Please, please, please, TTK! Prost, everyone!
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