The stock sank 14% in its biggest one-day drop since July 2006, with shares closing at their lowest level since June 2020. The selloff erased $206.2 billion off the company’s market valuation, a wipeout exceeded only by Meta Platforms, which shed $251.3 billion in market value after a disastrous report of its own in February.
The Nasdaq 100 Index fell 4.5% on Friday, bringing its April decline to 13%, its biggest one-month drop since October 2008. Amazon fell 24% for the month, its biggest one-month percentage drop since November 2008. Alphabet, which reported weak first-quarter revenue earlier this week, dropped 18% in April, also its worst since November 2008.
The tech losses were so widespread in April that even companies that reported good results weren’t spared.