Google parent Alphabet fell as much as 7.4% after third-quarter revenue came in below expectations, while software giant Microsoft lost 8.1% following a disappointing revenue forecast. Texas Instruments, a bellwether for the semiconductor industry, tumbled 6.1% after giving aSigns of weakness were widespread in the financial results. Microsoftits weakest quarterly sales growth in five years, throttled by the surging dollar, slumping PC demand and faltering advertising revenue.
The selloff in extended trading was broad-based. Amazon.com fell 4.9%. Those that derive sales from online advertising followed Alphabet lower, with Meta Platforms and Pinterest dropping more than 4% each. Among software companies moving in the wake of Microsoft, Datadog tumbled 7%, Snowflake fell 5% and Salesforce dropped 3%. In the chip space, Analog Devices, ON Semiconductor, and Marvell Technology also dipped.
after its weak forecast signalled that the chip slump is spreading beyond computing and phones into other businesses.it would cut capital expenditures by more than half. It warned of “an unprecedented deterioration in market conditions”.
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