San Francisco, (UrduPoint / Pakistan Point News - 28th Oct, 2022 ) :US tech titans looking to the future are seeing growth take a beating in the face of foreign competition and a tough economy in the here and now.
With Apple and Amazon due to report quarterly earnings after the close of market Thursday, shares of Meta and Google-parent Alphabet have tanked after disappointing financial results this week.
"This week will go down in the history books of earnings season as one of Big Tech's worst and ultimately could be a 'fork in the road moment' for the stalwarts looking ahead," Wedbush analyst Dan Ives said in a note to investors.
Management teams will need to "quickly adjust to a much different background" or risk losing their luster for investors who have bet on them for the past decade, he said.
In the case of Facebook-parent Meta, the decline comes as chief Mark Zuckerberg rolls the dice on building up the metaverse long-term.
"Facebook shifted to Meta, so they took their eye off the ball," tech analyst Rob Enderle of Enderle Group said.
"In a way they shot themselves in the foot, and allowed TikTok to advance." Meta shares were down some 22 percent by mid-day Thursday to $100.52. Over the past year, the price has plunged nearly 67 percent.
Thursday's drop came one day after the company, already facing stagnating user numbers and cuts in advertising budgets, said its profit had more than halved in the third quarter from a year earlier, and that it plans "significant...
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