From Amazon to Intel, tech stocks are getting whacked after Apple's surprise revenue shortfall
Apple's surprise pre-announcement on Wednesday, warning investors that quarterly revenue will come in at least $5 billion below expectations, sent shockwaves across the business and investing world.
Apple's stock quickly fell 7% in after hours trading. And it appears to have dragged down many of its tech peers with it.
Here's how some top tech stocks are performing after-hours on Wednesday:
- Amazon (AMZN) down 3%
- Microsoft (MSFT) down 2%
- Facebook (FB) down 1.5%
- Alphabet (GOOG) down nearly 1%
- Intel (INTC) down 2%
- Advanced Micro Devices down nearly 3%
- NVIDIA down nearly 2.5%
- Qualcomm down 2%
- Alibaba down 1.7%
Apple blamed slowing demand for iPhones in China for a good deal of its woes, which may be spooking investors in other companies with businesses that are tied to China.
But even companies without obvious China exposure, such as Facebook which is banned in China, took a dip in after hours trading. It's a reflection of Apple's importance and status in the tech industry. And for many investors, the initial takeaway appears to be that what's bad for Apple is bad for tech.
Source : Businessinsider.com