Worst quarter in years for TSLA, AMZN, MSFT, GOOG

Elon Musk at the Met Gala 2022 In America: An Anthology of Fashion at the Metropolitan Museum of Art on May 2, 2022 in New York City. (Photo by Gotham/Getty Images)

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Investors downgraded the valuations of the world’s biggest tech companies in the second quarter as central banks raised interest rates to stave off inflation.

Big tech companies dwindled in value in the first quarter as Russia’s invasion of Ukraine crippled business and exacerbated supply chain issues experienced during the pandemic, sending the broad S&P 500 down about 5%. The situation worsened in the second quarter, when the Federal Reserve began to act with rate hikes. While the S&P fell another 16%, the technology-focused Nasdaq Composite index fell 22%.

US stocks tumbled on Thursday towards the end of the second quarter, pushing the S&P 500 higher. weakest first half of year since 1970.

Electric vehicle manufacturer Tesla experienced its biggest quarterly decline since its initial public offering in 2010, when shares fell nearly 38%. In the quarter, CEO Elon Musk bet on acquire social media company Twitter for 44 billion dollars.

Amazon shares fell nearly 35%, the most since the third quarter of 2001. The company’s first-quarter earnings fell short of analyst estimates in April as revenue growth slowed down. In early June, Amazon announced that Dave Clark, CEO of the e-commerce company’s global consumer business, was stepping down. In September he will start as CEO launch of Flexport supply chain software.

Shares of the umbrella company Google, Alphabetended the quarter with a drop of almost 22%, the worst result since the fourth quarter of 2008. Microsoft shares fell about 17%, the sharpest drop since the second quarter of 2010.

Appleshares fell almost 22% in the second quarter, the worst performance since the fourth quarter of 2018, when Apple reports light guidance and the stock market in general went through a massive sale.

facebook parent Platform Meta – whose ticker changed to META from FB this month, to match its new corporate identity, which reflects a stronger focus on virtual worlds where people can transact and interact, its shares have fallen more than 27%. This was a better result than in the first quarter, when the share price declined by about 34%. In February, the social media operator said Facebook’s daily active users (DAUs) fell for the first time compared to the previous quarter.

Pharmacists Eli Lilly as well as Merckcereal manufacturer Kellogg and discount seller Common dollar they all outperformed those six companies, recording growth of at least 10% for the quarter.

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